Quote:
Originally Posted by John 070
Roth is after tax, 401k is pre-tax (usually, 2 plans ago I had both)
I would think that an IRA could mimic any ROTH out there
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Yes, I know the difference between the two. The IRS allows you to do a pre tax conversion regardless of income level to an after tax retirement vehicle (ie Roth IRA). You just have to pay the tax in the current year as I have indicated in my post. I chose not too as having to come up with 5 figures to pay the tax bill was more than I want to swallow at the time.
I also consulted with my CPA/accountant at the time to discuss the various financial scenarios which went into my thought process.