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closeupready (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:02 PM Original message |
So a friend of mine observed that this year, you can convert a regular IRA into a Roth IRA |
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Hello_Kitty (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:08 PM Response to Original message |
1. Actually, I hope a lot of people do it because it will produce a spike in tax revenue. |
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closeupready (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:10 PM Response to Reply #1 |
2. no question about that. |
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Arctic Dave (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:13 PM Response to Original message |
3. Most IRAs are like 401k, they are pre-tax deductions and are taxed at withdrawal |
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closeupready (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:22 PM Response to Reply #3 |
7. I'm just suspicious about their promises, since |
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Arctic Dave (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:25 PM Response to Reply #7 |
8. They have been this way from the beginning. |
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FBaggins (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:14 PM Response to Original message |
4. You've always been able to convert a Traditional IRA to a Roth |
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closeupready (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:21 PM Response to Reply #4 |
6. thanks. |
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DailyGrind51 (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:17 PM Response to Original message |
5. You either pay now or later. I only make a deposit to my traditional IRA when I need the deduction. |
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wishlist (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:28 PM Response to Original message |
9. Other advantage is Roths have no mandatory withdrawals at age 70 1/2 |
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Bolo Boffin (1000+ posts) Send PM | Profile | Ignore | Mon Apr-12-10 04:28 PM Response to Original message |
10. Pay the taxes now, you don't pay the taxes on withdrawals in the future. |
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