The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Avoiding 10% Penalty With Roth Date:  12/14/1999  9:25 AM
Author:  richswim Number:  23066 of 128043

I opened a contributory Roth IRA for 1998. Can I now convert a regular IRA directly into this account? If I make this conversion (of the regular IRA to Roth) in the year 2001, can I avoid the 10% penalty on the converstion if I withdrawl the converted amount after Jan 1, 2003? ie. when does the five year clock start ticking on the conversion money? Note: I will be younger than 59.5 in 2003.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us