Guest pjb Posted December 11, 2001 Posted December 11, 2001 Can you convert a traditional IRA to a Roth and begin taking basis withdrawals without being subject to the 10% early w/d penalty?
BPickerCPA Posted December 12, 2001 Posted December 12, 2001 Not if you're under 59½ when you take the withdrawal. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
Guest pjb Posted December 12, 2001 Posted December 12, 2001 I thought the 10% w/d penalty is only on the earnings portion of distribution from roth accounts.
BPickerCPA Posted December 12, 2001 Posted December 12, 2001 You thought wrong. Converted money can't be withdrawn for five years or until 59½, whichever first occurs. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
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