Hi,
I'm under 59 1/2 years old and just got into my career. I'm making a significant amount of money, enough that I don't qualify to contribute to a Roth IRA. I've done a little bit of reading on NerdWallet on how to convert a IRA into a Roth IRA....I open up an account with someone like tdameratrade and call my agent and they help. It seems simple enough.
However, my parents opened up a RothIRA for me with another bank when I was in highschool. My question is, will this prevent me from preforming the IRA to Roth IRA conversion with tdameratrade or whoever I choose to use? Would I need to withdraw my money from my first account (incurring the income tax and 10% penalty on my earnings)?
Sorry if this is the wrong place to post. Hope to hear back soon!
Submitted April 19, 2020 at 10:48PM by AnishJ9 https://ift.tt/2VCaEQo
