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re: Paying taxes on a 401K in plan Roth IRA conversion. (converting stock to Roth)
Posted on 2/20/13 at 10:48 am to Siderophore
Posted on 2/20/13 at 10:48 am to Siderophore
It is a standard 401k that I converted some of my company stock shares into a Roth IRA. I was just under the impression that I would not have to pay taxes on it unless I pulled it out and that I could pull all or some of it out if I wanted to.
2
Posted on 2/20/13 at 10:51 am to BOSCEAUX
To summarize I think I fricked myself and will owe money for the first time ever.
Posted on 2/20/13 at 11:16 am to BOSCEAUX
With a traditional IRA or 401, you pay taxes when you withdraw but pay no tax when you contribute.
With a Roth it's the other way around - pay tax when you contribute, pay no tax when you withdraw.
To simplify things a bit it doesn't really matter much either way.
With a Roth it's the other way around - pay tax when you contribute, pay no tax when you withdraw.
To simplify things a bit it doesn't really matter much either way.
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