Mar 17

Question by barry b: When I change my IRA to a ROTH IRA can I pay the taxes from the IRA?
I am retired and want to change my ira to a roth ira so I don’t have to worry about future taxes from the roth ira.
what are the rules of the roth ira?

Best answer:

Answer by Scott
It the same rules as for an IRA. The difference is on the withdrawal. Roth’s you have already paid them and for a standard IRA you have not. So on each payment from an IRA you will owe taxes. On a Roth each payment will be tax exempt.

Yes, you can have them withhold the taxes from the amount being rolled over. Just tell them what percentage to withhold (min 10%).

Not sure why you want to pay a lump sum to the IRS at this point? Are you expecting large gains from the market????

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