No. of Recommendations: 0
Are you also saying here that one cannot convert an annuity to an IRA and then to a Roth IRA?

I had a 401k from a previous job that I had converted into a variable annuity. Not an intelligent move, however, I would now like to move this into an IRA and then into a Roth IRA where I can invest in stocks at my discretion. Is this possible?

Also, please confirm this: Once this gets into a Roth IRA (if it is possible), I cannot contribute to this particular account for 5 years. However, I can contribute to another Roth IRA account starting the year after I made the annuity-to-IRA-to-Roth IRA transfer.

Thanks for input!
- Red
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.