THREE QUESTIONS ON QULIFYING IRA AND CONVERTION

In Feb 18 2011 I OPENED A TRAD IRA UNDER MY NAME FOR $6,000 (I AM 62). THIS TIRA WAS OPENED IN FEB 2011 TO COVER 2010.

AFTER THAT EVENT, I OPENED THE NEXT YEAR A ROTH IRA AND ALSO A ROTH 401K.

QUESTIONS

1. BASED ON THE ABOVE INFO, WHEN WILL THE TIRA OPENED IN FEB 2011 FOR YEAR 2010 WILL BE CONSIDERED 5 YRS(QUALIFYED? STARTING IN fEBRUARY 18TH 2011 WHEN I OPENED THE ACCOUNT OR THE YEAR 2010 WERE THE $6,000 WERE ALLOCATED TO(IF ITS 2010, WHAT WILL BE THE SPECIFIC DAY 1?)?

2. AFTER QUESTION 1 IS ANSWERED, I WANT TO KNOW WHEN CAN I CONVERT MY TIRA TO ROTH IRA(KNOWING THAT THE ROTH IRA IS YOUNGER THAN THE TIRA).

3. CAN I CONVERT AND DO I HAVE A LIMITATION OF HOW MANY TIMES I CAN CONVERT MY ROTH 401K INTO MY ROTH IRA? MY WIFE AND I ARE THE SOLE OWNERS OF THE 401K/ROTH 401K.

MY GOAL IS TO CONVERT ALL THE TIRA AND ROTH 401K INTO MY ROTH IRA BEFORE I BECOME 67.

THANK YOU



Duplicate post.

Add new comment

Log in or register to post comments