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Posted On: 10/25/2020 3:39:54 AM
Post# of 153521
Thanks for the idea Nickie. (Certainly got me thinking about some options and the future of this stock. And fun to do some wishful thinking.)
Spent some time at IRS.gov to refresh the memory. Not a tax expert/advisor and too cheap to get one so am forced to spend a good deal of time there.
There are quite a few caveats of course - but one really caught my attention: 'A separate 5-year period applies to each conversion and rollover.' So basically there are two 5-year rules for Roth funds- 1) for regular contributions (which for most folks starts the clock Jan 1 of the year the account is opened) and 2) for each conversion/roll-over, their respective clocks start Jan 1 of the year they occured.
(Sorry to break into the more pertinent CYDY conversations- but thought that might be worth a wink to someone.)
Spent some time at IRS.gov to refresh the memory. Not a tax expert/advisor and too cheap to get one so am forced to spend a good deal of time there.
There are quite a few caveats of course - but one really caught my attention: 'A separate 5-year period applies to each conversion and rollover.' So basically there are two 5-year rules for Roth funds- 1) for regular contributions (which for most folks starts the clock Jan 1 of the year the account is opened) and 2) for each conversion/roll-over, their respective clocks start Jan 1 of the year they occured.
(Sorry to break into the more pertinent CYDY conversations- but thought that might be worth a wink to someone.)
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