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    sjnowak's Avatar
    sjnowak Posts: 80, Reputation: 1
    Junior Member
    		  
    #1

    Nov 3, 2014, 05:05 PM
    IRA's
    Can I transfer / convert my traditional IRA's to Roth IRA's ? If so would there be any penalty or taxes do ?
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #2

    Nov 3, 2014, 06:11 PM
    Yes you can but there are tax implications.
    http://www.google.com/url?sa=t&rct=j...78677474,d.eXY
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Nov 4, 2014, 12:47 AM
    You will pay income taxes at the marginal tax rate. The marginal tax rate is the rate you pay on the LAST dollar earned in the tax year.You will pay NO penalties for doing the conversion.Note that there MAY be income limitations that prevent the conversion.
    sjnowak's Avatar
    sjnowak Posts: 80, Reputation: 1
    Junior Member
    		  
    #4

    Nov 4, 2014, 02:36 PM
    Sounds complicated, taxes are already complicated enough - LOL. Thanks
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Nov 4, 2014, 06:29 PM
    If taxes were not complicated, I would have no means to support myself! :-)
    sjnowak's Avatar
    sjnowak Posts: 80, Reputation: 1
    Junior Member
    		  
    #6

    Nov 5, 2014, 02:13 PM
    Glad your on the job :)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #7

    Nov 5, 2014, 03:09 PM
    Glad to help!
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