No. of Recommendations: 0
I am a young, new, and possibly dumb investor. And I would appreciate anyone that can answer my question. In Dec of '99, after leaving the company I worked for, took my Savings Plan and rolled the money into a Rollover IRA (ok so far). After learning the benefits of a Roth, I decided to convert the Rollover IRA into a Roth IRA in March of 2000. I did not add any money to the IRA's. The question is, do I have to pay taxes on the entire amount that was rolled over into the Roth. I have heard and read mixed things. This was all prior to my discovery of the Motely Fool, and I unwisely had a strong majority of money weighted in technology, and nearly all of it is gone. My fear is to have to pay taxes on a large sum of money (to me), not be able to write off the loss, and no longer have the money to invest. Please help me in my time of need.

Learing Slowly,
Brian
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
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.