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  • Can I take a deduction for my Traditional IRA contribution and still receive the Saver’s Credit?

  • I have read a number of conflicting views on the Roth conversion issue that relates to people over 59½. So I turn to you.

    I am 62 years of age. I have had a regular Roth IRA for over five years. I have just rolled over my 403(b) into a Rollover IRA (I was told I could even though I am still employed). I am planning to convert a portion of this Rollover IRA into the Roth IRA.

    My question: If I convert the Rollover IRA to the Roth, do I still have to wait for five years before taking distributions from the converted Roth to avoid a 10% tax penalty? I am over 59½ at the time of this partial conversion.

    Question answered by Denise Appleby