misanman
Thinks s/he gets paid by the post
- Joined
- Apr 28, 2008
- Messages
- 1,256
What's the best way to keep track of Roth conversions? I have been creating a new Roth account (easy with Fidelity) each year that I convert. So, there would be one for 2011, 2012, 2013, etc. My thinking was that this would allow me to easily track the conversions with respect to the 5 year restriction on the use of the income.
I'm somewhat concerned about the proliferation of accounts, however, and thinking that I could convert into a single Roth account as long as I was careful not to withdraw more than my total contributions during the restricted period. Is this reasonable?
How do others handle this? I'd like to follow what ever is "best practice".
Thx
I'm somewhat concerned about the proliferation of accounts, however, and thinking that I could convert into a single Roth account as long as I was careful not to withdraw more than my total contributions during the restricted period. Is this reasonable?
How do others handle this? I'd like to follow what ever is "best practice".
Thx