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Old 04-28-2023, 04:44 PM
cmkieffer cmkieffer is offline
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Quote:
Originally Posted by CoachKandSportsguy View Post
According to my Fidelity advisor,

The 5 year Roth IRA contribution - withdrawal clock starts when the account is opened,
even if there is no money in the account. . .

So for anyone who hasn't opened a ROTH ira for for conversions, and that is in your plans, open the ROTH IRA today and get the tax free penalty free clock starting now!

If others have differing opinions from their advisors or tax advisors, would love to hear them to be sure i am not relaying bad information. .

not a CFP guy
It does not matter when you open the Roth. The five year period starts Jan 1 of the year you made the contribution. For example, if you made a contribution on April 18 2023 for 2022, the five year period starts Jan1 2022
Chris Kieffer
Edward Jones FA.