Would you please be so kind as to show me where in Pub 590 Chapter 2 it states that I can roll a IRA/401k directly into a Roth without paying taxes on the rollover Rollovers are taxed. If you were going to take a distribution that is taxable and invest it, then a conversion to a ROTH has the advantage of the potential for future income being tax free. ROTH IRAs also don't have required minimum distributions. I can contribute to a Roth and take anything more than the original priciple back out before the 5 year time period without paying taxes on the interest/dividends? The five year period is from the time the IRA owner established their first ROTH IRA. It is not for every conversion or contribution. You can establish a ROTH of any size now to start the clock.
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