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WCI #249: What To Do With Old Retirement Accounts Q&A

White Coat Investor Podcast

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Iris Will Not Let Us Convert It to a Rothiray

The yearly maximum is six thousand dollars per person. You put it in all at once, so it does grow in the traditional i r a and then you convert it the next day into a rothiara. But the key is, while sitting in the traditional iray, you don't invest it. The value of the money changes. It either goes up or down; when you convert it to a rothiray, you owe taxes on the gains,. Or it goes down, which causes you to have to carry forward a loss on your form 86 o six every year. I think it might be worse than paying the taxes.

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