No, you can convert a traditional IRA into a Roth IRA as long as your Single MAGI is less than $110,000 or joint MAGI is less than $220,000. It doesn't matter if you are retired or still working. It will be a taxable event but with the US likely moving into a rising tax environment it makes sense to take advantage of lower taxes now. In 2010 the government will get rid of the income requirement and anyone will be able to convert their trad. IRA's into Roth's. keep in mind that when you are taxed on the conversion you can choose to pay the taxes over a 2 year time period (half now, half later)
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Submitted 296 days ago...
What is the rules concerning withdrawing contributions from a Roth IRA with no taxes to be paid?
I am going to be rolling over my current IRA and while reseaching a place to put them, I saw the Roth IRA. To have contributions with no taxes having to be paid, there are rules but I can't find the rules. Can you tell me what they are?
Coul you suggest a good IRA account to place what little money I have left after last year. I need to make some and not loose any more. I live in Georgia and would like to have one close by in this state.
Thank you
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Submitted 219 days ago...
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What is the rules concerning withdrawing contributions from a Roth IRA with no taxes to be paid?
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