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Non-Tech : Waterhouse Securities
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To: VincentTH who wrote (437)3/31/1998 8:48:00 PM
From: John M. Hammer  Read Replies (1) of 2076
 
I made my 1998 IRA contribution first and then converted the entire thing. No problems.

The risk I took on by doing that is the inability to withdraw my 1998 $2000 contribution without penalty. Roth IRA contributions can be withdrawn without tax or penalty at any time (although they cannot be so easily put back). The "contributions" in a rollover Roth IRA cannot be so withdrawn for 5 years, and each new contribution in that same account resets the 5 year clock to zero. So, next year, my 1999 Roth IRA contribution will have to go into a new account unless I want to reset the no-penalty contribution withdrawal clock. It won't be until Jan 2003 (I think) that I will be able to merge the two accounts.

Best wishes,
John
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