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re: Tax question.....regarding traditional IRA
Posted on 2/4/13 at 9:44 am to Powerman
Posted on 2/4/13 at 9:44 am to Powerman
quote:
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 don't think there's a penalty if you don't touch the money and follow all the appropriate rollover rules - however, going from a traditional to a Roth, you will be responsible for the raw income tax (I'm not sure about the payroll tax portion - consult your tax professional) because you're going from pre-tax to post-tax contributions.
2
Posted on 2/4/13 at 10:03 am to Ace Midnight
quote:
consult your tax professional
The money talk forum is my tax pro
Posted on 2/4/13 at 10:05 am to Ace Midnight
You could always just keep the previously funded traditional IRA and recharacterize your contributions for 2012.
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