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Hi all,
I have a question about converting a Traditional IRA to a Roth IRA. Currently I have both types of accounts set up. My Traditional IRA is a rollover from a previous employer. My Roth was opened last year and I have made 2k of the 3k contribution allowed this year. I would like to know if it is possible to convert my Traditional IRA into the Roth IRA account so that I can combine the two. From what I read I would have to pay the taxes on the Traditional and that is it. Are there any other penalties? Does it count against my yearly contributions? My understanding is that it is much more beneficial to have a Roth due to the fact that taxes do not have to be paid so it would be better to convert it. Thanks.
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