UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: pscroggs Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75381  
Subject: Re: Roth IRA question - Phil Date: 7/9/1998 5:16 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
"If you convert your traditional IRA to a Roth IRA, then all previously untaxed money in the
traditional IRA will be taxed (but not penalized) as a result of that conversion. You may spread the
income reportable on that conversion equally over the next four years if you convert by 12/31/98.
That could reduce your tax burden this year if you elect to do so, but the remaining undeclared
income may increase your taxes over the succeeding three years because it still must be declared
and you will pay taxes based on the rates in effect in those years."
Pixy..

should I just leave that money alone? Leave it in, separate from the new Roth IRA that I'm starting? It's only about 5,000.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement