move trad ira to existing ira
I am past 59 1/2 and have had both a trad ira and roth ira for over 5 years.
Am I correct that I can roll over the trad ira to a roth ira (pay the taxes) and it will be available to grow and can be withdrawn tax-free at anytime, since I am beyond the 5 year rule?
Permalink Submitted by Alan - IRA critic on Fri, 2017-11-03 19:01
Yes, since your Roth IRA is now fully qualified, the entire balance including present and future conversions can be withdrawn tax free anytime you wish. Usually you would not want to convert too large an amount in a single year since that may increase your tax rate for that year.