Hi.
I'd like to get some opinions on whether this would be worthwhile. I have had a traditional IRA that I haven't added to for around 10 years that is now worth around $10000, a bit more than double what the initial investment was.
I realize there are tax implications for converting this to a roth ira, but would it be worthwhile?
Lol... I guess the 1st question should be... is converting this even possible? I believe it is, but hopefully I haven't been misinformed or have misunderstood how conversions work. My wife and I have been contributing the max to our Roth's for quite some time.
I'm 34 yrs old and have no need for the $ in the immediate future. My wife is on maternity leave and will not be earning any income for this upcoming year, so I figure if there's a time to do it... it's now while our combined gross income is low.
I earn around $75000 a year and we already do have to pay taxes on dividends earned from non - retirement related mutual funds and stocks.
Any advice? Any other information needed?
Thanks...
I'd like to get some opinions on whether this would be worthwhile. I have had a traditional IRA that I haven't added to for around 10 years that is now worth around $10000, a bit more than double what the initial investment was.
I realize there are tax implications for converting this to a roth ira, but would it be worthwhile?
Lol... I guess the 1st question should be... is converting this even possible? I believe it is, but hopefully I haven't been misinformed or have misunderstood how conversions work. My wife and I have been contributing the max to our Roth's for quite some time.
I'm 34 yrs old and have no need for the $ in the immediate future. My wife is on maternity leave and will not be earning any income for this upcoming year, so I figure if there's a time to do it... it's now while our combined gross income is low.
I earn around $75000 a year and we already do have to pay taxes on dividends earned from non - retirement related mutual funds and stocks.
Any advice? Any other information needed?
Thanks...