Author Topic: Withdraw Contribution from Roth and Contribute to Traditional IRA in Same Year  (Read 1146 times)

Frugal Mammaw

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I have searched a cannot find an answer anywhere.  Does anyone know if you can withdraw original contributions from a Roth account (so tax free withdrawal) and then in the same year, contribute to a traditional IRA?  I was wanting to contribute to a Roth for now as I have for many years past, and in future years do a withdrawal from the Roth and then use the withdrawn money to fund a traditional IRA so I could lower our MAGI for the year.  Just wondering if this is allowed.

willn

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I think as long as you meet the rules for contributing to the traditional IRA you should be fine; under 70.5 years of age, can't contribute more than your income, or more than the maximum allowed for your age.   The exact answer on the amount may be subject to the status of you and your spouses's income and existing retirement plan and filing status.

Consult a CPA or tax attorney to be certain.

Frugal Mammaw

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thank you, I will look into it more