goneboarding
Dryer sheet aficionado
- Joined
- Sep 23, 2012
- Messages
- 25
Hey all ,
I am considering converting some of my IRA funds to a Roth this year. I plan to do the same in 2022 and 2023, if my current situation sustains. Let's say DW and I decide to convert $80,000 each year.
I am over the requisite 59.5 age threshold and don't expect to have any earned income in 2021.
Cheers,
GB
I am considering converting some of my IRA funds to a Roth this year. I plan to do the same in 2022 and 2023, if my current situation sustains. Let's say DW and I decide to convert $80,000 each year.
I am over the requisite 59.5 age threshold and don't expect to have any earned income in 2021.
- Is there a five year wait time before we can start taking distributions from my Roth conversion? If so, then for the money converted in 2021, when can I withdraw without penalty - 2026 or 2027?
- If the above is true, is it advisable to create a separate account for each year's Roth conversion... to avoid any IRS complications.
Cheers,
GB