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I'm in the process of converting my SEP-IRA to a Roth Ira. I have a couple questions.

1. If I convert 30K from my SEP-IRA to a Roth. My understanding is that after a five year waiting period. The original conversion amount of 30K could be withdrawn for any reason and no additional tax or pentalty would apply. (even though I would not be 59 1/2) Am I correct?

2. I am going to spread the taxes out over 4 years. Would the additional $7500 I would pay tax on each year be included in my AGI, for the purposes of figuring the child tax credit.

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