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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.
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