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I'm debating the worth of converting our 2002 Traditional IRA contributions of $7000 (3500. each) to Roth IRAs. In Jan. 2002 the funds were put into Traditional IRA accounts. Having only worked part of the year, our 2002 contributions meet the income demands for a Roth. We are 60 and retired and will not need this money for a long, long time so the benefits of a Roth appear great. However, not being able to take the Traditional deduction on this year's Federal taxes will cost me $600 more in taxes. So now I'm in a quandry - convert to a Roth or not? Any insight you coould provide would be appreciated.
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