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re: Tax question.....regarding traditional IRA
Posted on 2/4/13 at 8:44 am to Powerman
Posted on 2/4/13 at 8:44 am to Powerman
quote:
the traditional ROTH
There is no such thing as a traditional Roth. It's either traditional or Roth. If it's old 401k money then it's a traditional IRA. Unless it was a Roth 401k that the money came from (highly doubt it). If you switch that to a Roth you will have tax consequences on the entire amount. Again, unless it was a Roth 401K.
Posted on 2/4/13 at 9:04 am to Broke
I meant traditional IRA
I need some coffee
The rollover IRA was a traditional IRA that had the old 401K money in it
That's the one I'm contemplating converting to a ROTH IRA (there really isn't that much in the account so I can live with the tax consequences of the 401K portion)
I need some coffee
The rollover IRA was a traditional IRA that had the old 401K money in it
That's the one I'm contemplating converting to a ROTH IRA (there really isn't that much in the account so I can live with the tax consequences of the 401K portion)
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