Contribute to a Conversion Roth?

[Guest emba129]

I converted my traditional IRA's to Roths's. I have been told that I can no longer contribute to those accounts and that I need to open new, contributory Roth IRA's.

I was told recently that a new modification to the law now allows contributions to the the conversion roth.

Can anyone confirm (with any details)?

[BPickerCPA]

You can, under the law, contribute to your conversion Roth iRA. The custodian may not permit it under their own rules, usually due to ignorance of the law changes.

Many custodians that I have dealt with have updated their rules, but the clericals may not have read all their updates. Check again, going up the chain. My guess is that it is now permitted.

[Guest gyee]

I converted my traditional IRA to ROTH conversion last year. My financial institution tells me that I cannot make future contributions unless I make this a ROTH contributory IRA. I can then either submit a transaction change form or open a new ROTH contributory. What would be the best option; and I'm dismayed at how unknowlegeable these financial representatives are since the law is now clear that future additions to conversion ROTHs are acceptable.

[Guest tonys]

Is a Roth IRA subject to creditors in North Carolina?

[John G]

To Gyee: see BPicker answer above your question. Sounds like you are getting the beaurocratic garbldy gook from your custodian. My guess is that the counter staff are not up on the current rules. Go up atleast one level to a supervisor, or ask for their retirement account specialists. If your custodian insists on multiple accounts, let your feet do the walking... find another institution. I recommend the direct transfer approach, you do not want to have them give you a check.

This issue was addressed many months ago and any reputable firm should have adjusted their procedures. You just don't need two Roth accounts anymore. Plain and simple.