I am over 71 years and converted my IRA to a Roth.The following questions now arise.
1.I understand I must pay taxes on the converted amount.
2.Can I withdraw funds up to the converted amount(to pay taxes) without paying any additional tax?
3.Is it true I CANNOT make any withdrawals for the next 5 years without tax consequences except for the remainder of converted funds I have already paid taxes on.
Any help would be appreciated.
1.I understand I must pay taxes on the converted amount.
2.Can I withdraw funds up to the converted amount(to pay taxes) without paying any additional tax?
3.Is it true I CANNOT make any withdrawals for the next 5 years without tax consequences except for the remainder of converted funds I have already paid taxes on.
Any help would be appreciated.