For instance, if youconvertedyour traditional IRA to a Roth IRA in November 2023, your five-year period is deemed to have begun on Jan. 1, 2023. But if you did it in February 2024, the five-year period began on Jan. 1, 2024. Don’t get this mixed up with the extra months’ al...
Let me share why I never contributed to a Roth IRA but why you probably should. I fully admit that I was once an ardentopponent of the Roth IRAin the past. But as a middle-aged father of two young children, I've come around. Contributing to a Roth IRA is a great way to diversify...
since it is deductible, you don’t need any money to pay the taxes due on it. But with a Roth, you’d need $6000: $5000 to fund the IRA and $1000 to pay the 20% tax due on the