Client is rolling a traditional IRA into a Roth and paying taxes on the conversion.
Is the Roth basis now treated like the client's contribution for non-qualified withdrawals (i.e. can be withdrawn penalty free), or will the client still have to pay a 10% penalty on non-qualified withdrawals since it came from a Trad IRA?
And are there time limits?
Thanks,
Is the Roth basis now treated like the client's contribution for non-qualified withdrawals (i.e. can be withdrawn penalty free), or will the client still have to pay a 10% penalty on non-qualified withdrawals since it came from a Trad IRA?
And are there time limits?
Thanks,
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