Waiting period for rollover to Roth conversion ?
Hello. After doing an IRA to IRA rollover, can the new IRA account be immediately converted to a Roth IRA or is there a waiting period? Thanks for your help. Much appreciated. I should clarify that this was a 403(b) to IRA rollover in case that makes a difference .
Permalink Submitted by Alan - IRA critic on Tue, 2022-06-07 19:16
There is no waiting period. You can convert the IRA as soon as the funds are deposited in the IRA. But if you want to convert the entire 403b balance, you could just do a direct rollover to your Roth IRA, with no need to first roll to a TIRA and then convert from there. Of course, if you are only planning to convert a portion of these funds, best to roll to a TIRA first and then convert that portion.
Permalink Submitted by Jane Gies on Tue, 2022-06-07 21:42
I really appreciated your prompt reply and explanation.