floridanurse
Dryer sheet aficionado
on phone with fidelity advisor with the intention of converting the $5000 we put into a tIRA into a ROTH. The so called backdoor ROTH.
fidelity advisor was hesitant and explained I'd receive a penalty of 10% from IRS and then another (i forget) tax implication.
I haven't read anything on the forums about people paying this penalty. What gives? Did I do something wrong when I signed up for the traditional IRA?
thank you everyone.
EDITED TO ADD:
The initial representative that I spoke with (the one who said there was a penalty) transferred me to an advisor to 'discuss the tax implications' of IRAs. The advisor told me it was a mistake. I'm not sure how to delete the post so I'm just editing to ammend.
fidelity advisor was hesitant and explained I'd receive a penalty of 10% from IRS and then another (i forget) tax implication.
I haven't read anything on the forums about people paying this penalty. What gives? Did I do something wrong when I signed up for the traditional IRA?
thank you everyone.
EDITED TO ADD:
The initial representative that I spoke with (the one who said there was a penalty) transferred me to an advisor to 'discuss the tax implications' of IRAs. The advisor told me it was a mistake. I'm not sure how to delete the post so I'm just editing to ammend.
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