sirsavesalot
Dryer sheet aficionado
- Joined
- Apr 24, 2013
- Messages
- 40
It seems every site I check out, they state if you withdraw from a Roth IRA before 59 1/2 you will be hit with a 10% penalty and you "may" owe income taxes. I'm in the process of potentially moving a bunch of funds from a rollover IRA to my Roth IRA (24% bracket). However, I have a plan that might require me to take some money out early (I'd rather not get into that here). If I'm going to be hit with a "maybe" tax penalty, then it would make sense to just leave it in my traditional IRA until that time comes. Then, I wouldn't be double taxed during my conversion and during my early withdrawal.
Does anyone have 100% confidence how this would work? I would likely be in my upper 40's when the time would come, and it would be well over 5 years after I make the Roth conversion.
I know it's not an ideal situation, but it is what it is.
Thanks.
Does anyone have 100% confidence how this would work? I would likely be in my upper 40's when the time would come, and it would be well over 5 years after I make the Roth conversion.
I know it's not an ideal situation, but it is what it is.
Thanks.