GMCtrk

iTrader: (27)

If we have any one here with good financial knowledge, specifically regarding IRAs, I'd love to send you a PM.

oakley6575

iTrader: (5)

This is something I'm interested in as well and will be opening a roth very soon.

FFDP

iTrader: (2)

I'm just getting started on this too in 2 weeks, I'm be starting my old persons fund.

GMCtrk

iTrader: (27)

I'll just throw the question out here in case anyone knows...

If I open a roth IRA now, two years from now, can I backdoor transfer funds from a traditional IRA into the existing roth I would open now?

skolman91

iTrader: (28)

I know you can convert a traditional into a roth, not sure on just transferring one to another tho. Ive always heard if your fairly young, you just need a roth and not regular, so when your ready to retire and withdraw it, its all yours already taxed. Traditional IRA you pay the taxes when its taken out, roth IRA you pay up front when its put in. So anytime you put money into your roth expect to pay taxes on it that following year on your tax return. Or pretty much what happens is you get less back on your return depending on how much you make..
Internet has tons of info, search is your friend, just dont take any one persons opinion too serisouly when it comes to finances..

Vortec350ss

iTrader: (20)

I am. It's what I do for a living.

The short answer is yes. But you will pay the income tax on a Roth conversion that you missed out on if the original contributions were made pre tax.

Feel free to PM me guys.

BlackGMC

iTrader: (31)

I have a finacial guy that handles all my families investments. We have alot of different ones. Several Mutual funds, Roths, my 401k at work and my daughters college fund. I really suggest talking with someone and let them do it. Oddly enough our best mutual funds are in China and India.

Vortec350ss

iTrader: (20)

I'll mirror this.

Again, That is what I do for a living.