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Depending on how the numbers shake out, it could have a negative impact on any EIC you might qualify for.

For TY2010, I used "H&R Block At Home" software to calculate my taxes. I realize that tax laws change from one year to the next, but I wonder if I could just re-calculate last year's taxes using the rollover vs. withdrawal scenarios?

Is there a reason you haven't considered, or have rejected, the idea of either leaving the Simple IRA in place or rolling it to a traditional IRA for no tax impact?

I have a reason, but it's emotional, not logical. The idea of tax-free growth in the Roth appeals to me. The fact that I expect my income this year to be very low makes now seem like the ideal time to do this. Superficially, it won't seem like any money out of my pocket, since EIC and child tax credits are so big, doing a Roth Rollover (tax only) or taking it as a distribution (tax + penalty) will most likely only reduce the (relatively massive) 'refund' I'll get.

BTW, I'm expecting to graduate in December, and I've already started looking for a full-time job. I hope and expect my income next sear to be at least a 3x multiple over this year's income.
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