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I have 200k in a IRA that I would like to convert to a Roth…

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I have 200k in...

I have 200k in a IRA that I would like to convert to a Roth IRA. I want to convert an amount over the next 10 years equivalent to my contribution amount of 6500.00. Im 50 years old and would like too know if this strategy is benefical to me. My income does not allow for roth contributions and I have a SEP ira as well to contribute to

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No not that I'm aware of

Submitted: 1 month ago.Category: Finance
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3/11/2018
Financial Professional: TaxRobin, Senior Advisor replied 1 month ago
TaxRobin
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Financial Professional: TaxRobin, Senior Advisor replied 1 month ago

The conversion amount is not treated as a contribution but you will pay tax on whatever amount you convert. It will be beneficial in so far as you will just pay tax on that specific amount and it does not interfere with any other contributions.

The 5 year time for the ROTH begins with the first conversion.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Financial Professional: TaxRobin, Senior Advisor replied 1 month ago

Hi just checking to see if you responded yet

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