jlsegull (@jlsegull)

Converting Traditional IRAs to Roth IRAs One of the questions I get alot are from people who have a great deal of money bult up over the years and they want to fund a Roth IRAs by doing conversions from their traditional IRA to a Roth IRA and/or making yearly Roth contributions. While you can’t deduct the contributions you make to a Roth IRA, the money in the account grows tax-free. Of course, as with most things concerning taxes, there are some rules to prevent from cheating the system. In brief, you are subject to the five-year rule and withdrawals have to be after age 59½ to be not taxable and prevent penalties. The first rule determines whether distributed earnings are tax-free. Continued...https://seagulltechnologies.com/blog/converting-traditional-iras-roth-iras