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If converting a Traditional IRA to a Roth IRA, you may owe ordinary income taxes on any previously deducted Traditional IRA contributions and on all earnings. Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. This information is not intended to be a substitute for any legal advice. Investors should consult a tax advisor before deciding to do a conversion.
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