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Strategies & Market Trends : Roth IRA ideas

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To: Richard James who wrote (375)	2/6/2000 12:35:00 PM
From: mod	Read Replies (1) of 388

It's real easy. Whatever you transfer to a Roth from a regular IRA, you pay tax on. The entire amount transferred goes on your 1040 as ordinary income. You can transfer just a portion to a Roth if you want. As to withdrawals from an IRA, unless you made non-deductible contributions, anything you take out is taxable (and below age 59 1/2, there is generally a 10% penalty too). If you made non-deductible contributions, there is a complicated formula you'll have to use. If your IRA includes rollovers from 401ks etc, I don't know how those are treated for tax purposes. The government will not give you any help on this. You are on your own.

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