If you have a lot of money in a traditional or rollover IRA, you might also consider a Roth conversion or a series of Roth conversions. If your conversion has been in your Roth for five years, you can get the conversion amount tax free without penalty. That's one reason why it is often better to max out your retirement accounts before you try to save for college.

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Posted by rintintin

Life is Life

Member since Nov 2008

16195 posts

Posted on 4/29/24 at 3:36 pm to CharlesUFarley

quote:
If you have a lot of money in a traditional or rollover IRA, you might also consider a Roth conversion or a series of Roth conversions. If your conversion has been in your Roth for five years, you can get the conversion amount tax free without penalty. That's one reason why it is often better to max out your retirement accounts before you try to save for college.

This is great info, thanks.

Yeah I have a Roth as well as a couple of 401ks. Been slacking on my Roth though.

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Posted by Billy Blanks

Member since Dec 2021

3814 posts

Posted on 4/30/24 at 6:26 am to CharlesUFarley

quote:
If you have a lot of money in a traditional or rollover IRA, you might also consider a Roth conversion or a series of Roth conversions. If your conversion has been in your Roth for five years, you can get the conversion amount tax free without penalty. That's one reason why it is often better to max out your retirement accounts before you try to save for college.

I converted an IRA to a roth a few years back and had to pay the tax on the conversion.

Have 3 ira's

A roth
Traditional
and SEP

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