01-22-2005, 05:30 PM
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 Re: Roth IRA 5-year question GarySport wrote: - quote - > I understand a Roth IRA has to have been established for 5
No.> years before distributions are tax-free. If you establish a > second Roth IRA at a second institution does that restart > the clock on that second one? i.e., Roth 1 established as a > CD at Bank A 4 years ago will meet the 5-year test next > year. If Roth 2 is established at Bank B this year, is this > considered year 1 for Roth 2? And in a similar vein, does > a direct transferred Roth IRA keep its original date for the > 5-year purpose, or does it start over? Thanks for info. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-14-2005, 09:39 PM
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| Roth IRA 5-year question I understand a Roth IRA has to have been established for 5 years before distributions are tax-free. If you establish a second Roth IRA at a second institution does that restart the clock on that second one? i.e., Roth 1 established as a CD at Bank A 4 years ago will meet the 5-year test next year. If Roth 2 is established at Bank B this year, is this considered year 1 for Roth 2? And in a similar vein, does a direct transferred Roth IRA keep its original date for the 5-year purpose, or does it start over? Thanks for info. GS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 5year, ira, question, roth |
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