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About David M Iannopollo
Expertise
I am a professional financial advisor who can assist you with answers on mutual funds, annuities, IRA's, rollovers, qualified and non-qualified retirement plans, retirement planning, educational planning, life, disability and LTC insurances.

Experience
I have over 20 years experience in the business and financial world.

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Retirement Planning - rollover to Roth from IRA

Expert: David M Iannopollo - 6/12/2009

Question
Hi, I'm 63 yrs. old and I have my IRA in a stock acct. I would like to take a portion of that and put it into a Roth IRA with the same brokerage. Within 60 days, I would like to take the principal back out of the Roth and put it back into the IRA, keeping the profit (I hope) in the Roth. Would I be subject to any penalties?

Answer
Hi Maria,
Yes, Roth conversions are subject to a 5 year waiting period for withdrawals so you would be subject to a 10% penalty. Since it is unlikely that you would earn 10% on your account in 60 days, this is not a good idea. Here is a link to more info:

http://www.fool.com/money/allaboutiras/allaboutiras07.htm

Dave

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