Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-13-2022, 11:10 AM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 7,609
Quote:
Originally Posted by corn18 View Post
How old is your oldest Roth IRA (not 401k Roth)?
2018.
__________________
Retired Class of 2018


JoeWras is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-13-2022, 11:22 AM   #22
Thinks s/he gets paid by the post
corn18's Avatar
 
Join Date: Aug 2015
Posts: 1,466
Quote:
Originally Posted by JoeWras View Post
2018.
Ok, so this rule applies:

OVER AGE 59.5*
LESS THAN FIVE YEARS SINCE OPENING FIRST ROTH IRA*
Contributions: Tax-No ;Penalty-No*
Conversions: Tax-No; Penalty-No (Taxable Portion)*
Conversions: Tax-No; Penalty-No (Nontaxable Portion)*
Earnings: Tax-Yes; Penalty-No*

Go ahead and roll the 401k Roth to your Roth IRA. The earnings in the 401k Roth after you did the conversion count as earnings in the Roth IRA. Not a big deal. You can withdraw any and all contributions and conversions tax and penalty free. Since the earnings come out last, just keep them in there until 2023 when they will also be tax and penalty free.
__________________
Consistently sets low goals and fails to achieve them.
corn18 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retired this year and should we start Roth Conversion this year? Prague FIRE and Money 17 11-15-2019 03:37 PM
DQOTD: Roth Conversions & (Est) Tax Payments? Midpack FIRE and Money 5 11-15-2019 02:52 PM
Roth - Traditional - Roth Conversion??? CorporateSoldier FIRE and Money 4 03-10-2011 10:07 PM
Strategy for Roth 401k to Roth IRA conversion and withdrawals sweng85 FIRE and Money 9 04-21-2009 10:28 PM
DQOTD: 2010 Roth IRA Rollover? Midpack FIRE and Money 10 07-13-2008 07:31 PM

» Quick Links

 
All times are GMT -6. The time now is 11:04 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.