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Author: pottsch One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 201  
Subject: roth conversion Date: 12/11/2010 7:43 AM
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I have 30k in a traditional ira. It was a tsp account then converted to a traditional ira when I left a job 10 yrs ago. If I convert to a roth, do i pay tax on the whole amount, or only what was contributed in pre tax dollars. I'm confused as to whether or not I pay tax on any gains the account has made.
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Author: kingbee2000 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 188 of 201
Subject: Re: roth conversion Date: 12/17/2010 2:08 PM
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Because all the contributions were pre-tax you will be taxed on the entire amount. The amount you convert will be taxed at ordinary income rates. If you do it in 2010 you can add half of the conversion to your 2011 income and half to your 2012.

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