There is no age limit or income requirement to convert a traditional IRA to a Roth one, or to Transfer IRA to Gold. You must pay taxes on the converted amount, although a portion of the conversion will be tax-free if you've made non-deductible contributions to your traditional IRA. Not everyone in their 80s should convert to a Roth IRA or Transfer IRA to Gold, far from it. However, being 80 shouldn't stop you from doing so either. Whether you're 80 or 20, 50 or 90, your age shouldn't dictate whether or not you convert to Roth.
After all, age is just a number, right? The compensation power plant will support more than 70 annuities paid by 18 airlines. When you go from a traditional IRA to a Roth IRA, it's considered a distribution of your traditional IRA. Converting an existing traditional IRA or other retirement account into a Roth IRA can make sense in many different situations, but not always. Remember that, if you choose to accept the funds with a check, you have 60 days to transfer the money to your Roth IRA account.
However, if you make an indirect transfer (the money goes first to you personally and then transferred to the Roth trustee within 60 days), the first IRA trustee can withhold 10% or more of the amount transferred. Because the contributions weren't tax-deductible, you won't have to pay any tax on them when you transfer them to the Roth IRA. Will I incur taxes when moving from a traditional IRA (after-tax dollars) to a Roth IRA (after-tax dollars)? I've reached the income limits of a Roth IRA and I'm exploring clandestine IRAs and I have some questions that I can't find anywhere. Convert my existing traditional IRA to a Roth IRA (I understand that I will have to pay the appropriate taxes as a result of this conversion).
Second, I realize that I can't contribute to a traditional IRA next year, I can transfer money from a 401K or 403B to an IRA that isn't work-related and then make a clandestine conversion from that to my non-work-related RoTH. Since his employer had been bought several times, he transferred his previous 401k to two different IRAs. I repeat, there is absolutely N-O-T-H-I-N-G in the tax code to prevent you from converting an IRA to a Roth IRA.
