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I am new on this board and had a few questions about IRA.

I have around $10k in my 401k with my company. I am planning to quit and go to grad. school this fall for 2 years.

I plan to rollover my 401k to a "rollover IRA" and convert this IRA to a Roth IRA in 2002 (when my income will be at a minimum). The taxes for the conversion will be financed by some other investments I have.

My questions are:
1. When I do a rollover from 401k to a traditional IRA, is there a specific time limit for after which the rollover IRA expires?
2. If I convert from traditional IRA to a Roth IRA the next year i.e. 2002, will I be taxed based on my income from 2002 or 2001?
3. Can I convert this Roth IRA to a new 401k of my employer after 2 years assuming I don;t add anything to it?
4. I am going through all this trouble to basically convert my 401k to a Roth IRA (so that I never have to pay taxes again). IS there a better way to do this or do you see any faults in this plan?

Any help would be greatly appreciated.

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