Personal Finance (Not Investing) • Roth IRA Conversion

Thanks for the quick reply.

Like Clever mentioned, I read the same regard moving to an IRA first before converting would make the process easier. Also does anybody know that for each transaction (convert to the Roth IRA) has to be into a new account so the IRS can track it?

Surely you don't mean creating a new account every time you perform a conversion transaction?

Yes, for each transaction at least what I read/interpret. Doesn't the IRS have to track the amount and the minimum duration of 5 years the amount has to sit?

I’ve done more than 50 Roth conversions over the last 7 years or so. The thought of setting up 50 Roth accounts would make my head explode. Use 1 account, you’re responsible for tracking and proper reporting.

Statistics: Posted by marcopolo — Sun Jun 16, 2024 10:09 pm — Replies 9 — Views 548