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03-25-2005, 04:28 AM
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 Re: Does the 5-year wait period still apply in Roth conversion after age 59.5 or 70.5 and a question of how many days you have to roll from trad IRA to Roth. "David Jensen" <DJNews1[at]xxAssociates.net> wrote: - quote - > Does the 5-year holding period still apply in a traditional
Yes and no. Once you're 59 1/2 the premature distribution> IRA to ROTH IRA conversion if you do so after age 59 1/2? penalty doesn't apply. Ever. If your Roth hasn't been in existence for 5 years and you withdraw earnings, the earnings are taxed. - quote - > What about if done after age 70 1/2?
Same as above.- quote - > What is the penalty if you are younger than 59 1/2 and you
10% of any earnings withdrawn. Otherwise nothing. See the> withdraw money from a Roth IRA that has been held for the > required 5-year period? ordering rules in Publication 590. - quote - > Once you roll the funds out of an ordinary IRA, what is the
60. See Pub 590> maximum number of days that you have before you must roll > the funds into a ROTH IRA? -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-24-2005, 04:46 AM
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| Does the 5-year wait period still apply in Roth conversion after age 59.5 or 70.5 and a question of how many days you have to roll from trad IRA to Roth. Does the 5-year holding period still apply in a traditional IRA to ROTH IRA conversion if you do so after age 59 1/2? What about if done after age 70 1/2? What is the penalty if you are younger than 59 1/2 and you withdraw money from a Roth IRA that has been held for the required 5-year period? Once you roll the funds out of an ordinary IRA, what is the maximum number of days that you have before you must roll the funds into a ROTH IRA? It seems like I read somewhere that you have 120 days to complete the rollover, but I can't find that number at the moment. Thanks -- David Jensen Change the xx in my email address to MJ for my real email address. Thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 595, 5year, 705, age, apply, conversion, days, ira, period, question, roll, roth, trad, wait |
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