TOOLS & TECHNIQUES OF LIFE INSURANCE …
They file separate tax returns. As his financial advisor, you tell Quincy. a. he is not eligible for making an IRA conversion. b. he would have to pay income tax on any amounts rolled over from the traditional IRA to the Roth IRA. c. he would have to pay a 10% penalty in addition to tax on any monies rolled over since he is under age 59½ ................
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