Should I keep each year's Roth conversion (from traditional IRAs) in separate Roth accounts? Or can I just add another conversion each year to an existing Roth account?
The reason for this question is my possible mis-understanding of the 5 year rule for Roth conversions. If each conversion has its own 5 year holding period will the broker holding my Roth account track the dates of each conversion for me?
I already consolidated some after-tax Roth contributions (while working) with some IRA-to-Roth conversions; with the idea that it would simplify my financial paperwork to have just one Roth account. But maybe it just made it more complex?
[I am 68; in a low tax bracket until my RMDs start; retired and have no plans to earn more income which could be contributed]
The reason for this question is my possible mis-understanding of the 5 year rule for Roth conversions. If each conversion has its own 5 year holding period will the broker holding my Roth account track the dates of each conversion for me?
I already consolidated some after-tax Roth contributions (while working) with some IRA-to-Roth conversions; with the idea that it would simplify my financial paperwork to have just one Roth account. But maybe it just made it more complex?
[I am 68; in a low tax bracket until my RMDs start; retired and have no plans to earn more income which could be contributed]
Statistics: Posted by RMWinCalifornia — Tue Dec 24, 2024 10:25 am — Replies 6 — Views 275