Message Font: Serif | Sans-Serif
No. of Recommendations: 2
mrmeyer: "I intend to contribute to a Roth IRA this year using an IRA conversion. I do not know yet if a contribution to a regular IRA will be all or partially tax deductible. For the moment, I am going to assume it will not be tax dedictible.

I already have a Roth IRA and a Rollover IRA at E*Trade. What is the cleanest way to contibute to the Roth?

a) Open a new Traditional IRA, fund it, then immediately convert it to the existing Roth IRA.

b) Contribute to the Rollover IRA, then convert the contribution only to the existing Roth IRA.

c) Other?"

Perhaps I am s impleton, but is there any reason you cannot contribute directly to a Roth IRA?

Regards, JAFO
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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.