Profit sharing to roth conversion
hi– are there any restrictions on PS plans to Roth conversion. I understand you first most go into an IRA. Are there any restrictions after that?
thx
hi– are there any restrictions on PS plans to Roth conversion. I understand you first most go into an IRA. Are there any restrictions after that?
thx
Permalink Submitted by Alan Spross on Thu, 2010-01-21 19:31
No special restrictions assuming employee is eligible for distributions. Since 2008 a direct conversion to a Roth IRA without first going to a TIRA has been available.
All special 2010 conversion rules apply. If the conversion is recharacterized, the funds must then go into a TIRA, not back to the plan.