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: Colin Cody who wrote (910)	4/2/1998 2:01:00 AM
From: posthumousone	Read Replies (1) of 5810

Scenario: a bank CD IRA that expires on 8/1/99 earning 9% interest Can the individual convert it to a Roth IRA now and be assessed the 10% penalty. If they can convert it now can the still receive the 9% interest or would it be the current rate? If they cant convert without a penalty, why is that? If I had my IRA money in a money market/stock/bond fund I could convert it with no penalty.

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