retiringby50
Recycles dryer sheets
- Joined
- Nov 26, 2007
- Messages
- 170
I didn't work in 1997, so right around 4/14/1998, my accountant sent me to open an IRA (for 1997). I think it was for $2,000 or whatever the limit was. For a while, the fund didn't do well, but I just noticed that my $2K is now a little over $5K.
Is it worth converting to a Roth IRA? I guess I would have to pay taxes on the $3K profits, so I would do this in 2008 anyway since I think my income next year will be a little less than this year. But paying taxes on $3K now is going to be better than paying taxes on something much higher later, like $12K in 2037, right?
Any other info I need to take into consideration?
Thanks.
Is it worth converting to a Roth IRA? I guess I would have to pay taxes on the $3K profits, so I would do this in 2008 anyway since I think my income next year will be a little less than this year. But paying taxes on $3K now is going to be better than paying taxes on something much higher later, like $12K in 2037, right?
Any other info I need to take into consideration?
Thanks.