Quote:
Originally Posted by Janie123
That also includes any Roth 401k money you would rollover to a Roth IRA, not just IRA conversions to the Roth account. It also does not have to do with individual conversions. Say year 1 you convert some money, then year 2, etc. the money converted in year 4 would have a waiting period until Jan 1 of the 5th year, not 5 years unless you open an new Roth account for each conversion which seems like a headache to manage but maybe there are reasons like beneficiaries upon death.???
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I have two IRA accounts. One is a Roth which I converted decades ago from a regular IRA. I have added to it over the years when my earned income met the requirements. I also now have a IRA rollover (non Roth).
It appears that if I choose to convert the rollover to a Roth it would be best to open a new account.
Any opinions (
besides seeing a CPA)?