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Sorry if you already know this... It is my first day at 投資理財.
If you don\'t qualify for a Roth IRA before and would like to have one now, you still have time to get one by using 2009\'s IRA contribution without paying conversion tax. Please follow steps below.
1. Get up to $5,000 ($6,000 if over age 50) cash.
2. Find a financial institution you like, open a non-deductible IRA account and fund it with the cash. Please use 2009 contribution. Of course, you can contribute 2010\'s which can be done by 4/15/2011.
3. Open a Roth IRA account and convert the above IRA to this Roth IRA account. You can do this step before the end of 2010 but you will need to pay taxes for any gains accured.
Some notes:
1. Please be careful If you already have a deductible IRA mixed with nondeductible IRA. You can not convert only nondeductible portion. Even you have separate accounts, you will need to pay taxes even if you only convert the nondeductible account which does not have any gains.
2. For those people who have 401k at work, you can do this too.
3. For those people who rolled over 401k to IRA, you would need to roll back to 401k. Otherwise, you need to pay taxed even you don\'t convert this IRA to Roth IRA.
If you don\'t qualify for a Roth IRA before and would like to have one now, you still have time to get one by using 2009\'s IRA contribution without paying conversion tax. Please follow steps below.
1. Get up to $5,000 ($6,000 if over age 50) cash.
2. Find a financial institution you like, open a non-deductible IRA account and fund it with the cash. Please use 2009 contribution. Of course, you can contribute 2010\'s which can be done by 4/15/2011.
3. Open a Roth IRA account and convert the above IRA to this Roth IRA account. You can do this step before the end of 2010 but you will need to pay taxes for any gains accured.
Some notes:
1. Please be careful If you already have a deductible IRA mixed with nondeductible IRA. You can not convert only nondeductible portion. Even you have separate accounts, you will need to pay taxes even if you only convert the nondeductible account which does not have any gains.
2. For those people who have 401k at work, you can do this too.
3. For those people who rolled over 401k to IRA, you would need to roll back to 401k. Otherwise, you need to pay taxed even you don\'t convert this IRA to Roth IRA.
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