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Rollover 72(t)/IRA to Roth IRA

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ByGayle

L1: Rollover 72(t)/IRA to Roth IRACan I Rollover my 72(t) IRA to a Roth IRA and perhaps pay a penalty then have access to my IRA funds?
2005-04-07 08:18, By: Gayle, IP: [66.157.98.94]

L2: Rollover 72(t)/IRA to Roth IRAHi Gayle:
We need more information about your situation to give a good answer. However, let me highlight some things for you to consider.
The simple act of “converting” your 72(t) IRA to a Roth IRA would be a “bust” of the plan, along with those penalties. Once you have a established a “Roth Conversion IRA” you have a 5-year wait before taking money out without penalty. There was a “loophole” to get money out of the Rothbut Congress or the IRS closed it a few years ago. I’m sure TheBadger can elaborate more on this tax aspect of your situation.
Jim2005-04-07 08:50, By: Jim, IP: [70.184.1.35]

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