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Get your taxes done using TurboTax
I’m having the same question about converted Roth IRA, and I didn’t get the answer by reading this whole thread. After I did some research, and realized that the answer is actually pretty clear. The money or contributions either converted from 401k or directly from your paychecks, had been already taxed when you put them into your RothIRA. So, those portions are not taxable since you’re 59.5. If they are taxed, you paid double tax as you already know that, which does not make any sense.
To avoid 5 years rule, you better open a new RothIRA for receiving converted contributions, this way it does not screw up your old existing RothIRA which has already met 5 years rule and you can withdraw money from it freely.
November 30, 2024
12:15 AM