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Author: BrettKing One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76397  
Subject: "Conversion" Roth IRA? Date: 3/4/2000 1:14 PM
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When the Roth IRA was first available, I opened a "Conversion" Roth IRA account with my brokerage (Waterhouse) with the intent of converting an existing IRA (at a different brokerage) into a Roth. What I didn't know at that time was that I could not perform an account transfer between brokerages and an IRA -> Roth IRA conversion simultaneously, one had to occur prior to the other. This caused a delay, and I never performed the conversion or contributed to this new account.

My questions are: Is there any significance to this being a Conversion Roth IRA account? Is it different in the eyes of the IRS in any way from a "normal" Roth IRA? Are there any differences/restrictions in how I contribute to this account (if I convert a standard IRA into it vs. contributing cash or both)?

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