Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: jimleon who wrote (707)	3/4/1998 8:34:00 PM
From: Colin Cody	Read Replies (1) of 5810

THAT's the "scam" I was trying to think of!!!! (no offense) . Yes, this was discussed early on - for CURRENT retirees who would be taking the IRA money out anyway... . Pull out the whole amount needed for 1998 NOW and roll it into the ROTH. You'd owe the taxes over FOUR years. Then just draw the money out of the ROTH as needed. . I think that this was unintended and a technical correction was to prohibit it. . There's also a 5-year hold rule for ROTHS, but there are exceptions for 1rt home purchases and/or taxpayer's age. . Your IRA administrator should have all this information available. . Colin

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