I currently have two IRAs, a Rollover IRA worth $7,100 and a Roth IRA worth $1,000. They are both at the same brokerage.
Is it wise for me to convert my Rollover IRA to my current Roth? What kind of penalties and taxes will I have to pay? Is there a better way to minimize taxes? Should I have the tax withheld or should I pay from the taxes/penalty from an outside source rather than from the IRA?
My current gross income is around 45k and in the 25% tax bracket.
2007-09-11
04:20:40
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6 answers
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asked by
Robert
2
in
Business & Finance
➔ Taxes
➔ United States