Hi,
I believe I've made a mistake in converting my traditional IRA a bit prematurely. From what I understand, I could have saved the 10% tax if I'd taken the conversion after age 59 1/2. I'm age 58 and still unemployed (but looking for a job).
I'd sold my trad. IRA 12/12/13 but haven't converted it into a ROTH IRA. How long do I have to put the funds into a ROTH IRA? And since I'm paying taxes on the early withdrawal, can I do it anytime after April 15? Or does it have to be done by April 15th. I believe I could've saved the 10% had I waited until after age 59 1/2.
I'm not as experience as most of you in investing and I think I'll have to see a tax advisor the next time before I make and decisions to sell my holdings.
Appreciate any input you can give me.
Thanks,
Barb
I believe I've made a mistake in converting my traditional IRA a bit prematurely. From what I understand, I could have saved the 10% tax if I'd taken the conversion after age 59 1/2. I'm age 58 and still unemployed (but looking for a job).
I'd sold my trad. IRA 12/12/13 but haven't converted it into a ROTH IRA. How long do I have to put the funds into a ROTH IRA? And since I'm paying taxes on the early withdrawal, can I do it anytime after April 15? Or does it have to be done by April 15th. I believe I could've saved the 10% had I waited until after age 59 1/2.
I'm not as experience as most of you in investing and I think I'll have to see a tax advisor the next time before I make and decisions to sell my holdings.
Appreciate any input you can give me.
Thanks,
Barb