CONVERTING MY TRIA TO A ROTH. . .
When I convert my Traditioinal IRA (TIRA) to a Roth IRA (RIRA) this year, do I need to establish a new RIRA account in order to handle the conversion?
Or, can I convert the funds in the TIRA into an existing RIRA which I had established before my income exceeded the RIRA contribution limits? I realize that keeping the conversion separate would make it easier for a future characterization (if I chose to do so). On the other hand, I’m trying to prevent the addition of yet another RIRA account of which I already have 2. My preference is for the latter.
Permalink Submitted by Jose Morales on Mon, 2010-01-04 16:54
There aren’t any regulations that require you to establish an entirely new account for the Roth conversion. People do this to make it easier to keep track of their conversions but you can convert into an existing Roth IRA account and keep track of this in any way you like.