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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Jerry in Omaha who wrote (7894)1/8/1998 9:47:00 AM
From: Henry Volquardsen   of 20681
 
Jerard,
Yes the Roth IRA allows you to take the money out tax free at 59 1/2. You can convert an existing IRA to a Roth IRA but there is a tax event on the old IRA. I do not believe you can transfer an existing position into your Roth IRA at the historic tax basis but would in effect have to sell it and repurchase it in the Roth. You might be able to execute a physical transfer to save the bid offer but you would have a tax event on the old position basis the current price of the equity at the time you do the transfer. If you earn more than $150,000 (I believe that is the number) you cannot qualify for a Roth IRA.
Henry
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