Quote:
Originally Posted by Boomer
The part about the 5-year rule that I don't know if I have straight is whether new conversions have to wait 5 years. Somewhere I got the idea that any new money coming through a conversion had to wait its own 5 years. I hope I am wrong. If I am not wrong, that means that early boomers might need to be more aware of the 5-year rule if doing conversions now -- in case they might think they want the money for themselves sooner than 5 years.
Btw, you are doing exactly what I wish I had done more of. Did it for a while, although the accountant at the time asked me why I wanted to pay the kids' taxes. I did not see it like that. I saw that we might want to access some tax-free money for ourselves down the road.
Boomer
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It is a 5 year wait to start withdrawing gains. That is only from opening the account not each deposit. You really want to get it funded before rmd’s kick in at 73 since it is on top of those.