The accountholder then has 60 days in which to invest the funds in another IRA without being liable for taxes on the money received. A rollover is permitted for an IRA only once every twelve months, and it is essential that the reinvestment be completed within 60 days. The law permits your rollover IRA to be rolled over again at some later date into a new employer s pension or profit sharing plan. That's a difficult question, and one you should review thoroughly with your tax advisor. However, there are not minimum distributions requirements for Roth IRAs, and you may contribute to a Roth IRA for as long as you want, provided you have compensation.
All taxes are due in the year conversions are made.
The main difference lies in the tax treatment of the account. Contributions may not be made after the beneficiary reaches age 18. One child s account may be rolled over to another child s account as long as they are in the same family and the rollover is made before the previous beneficiary turns 30. Money in the Education IRA may be used for tuition, books, and room and board. The final deadline for making prior year IRA contributions is April 15.