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I first posted this on Ask A Foolish Question but was told I might get a better response here.
My wife's company is discontinuing their profit sharing plan and I would like to take the money and set up an IRA for her.I have been told (by somebody who is sopposed to know these things) that (1. I will have to pay taxes on this money no matter what I do and (2. that I have to put this in a traditional IRA not a Roth. I was told I would have to wait a year before I could convert it to a Roth. Is this correct or am I getting unfoolish advice from unfoolish people?
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