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Taxpayers with adjusted gross incomes not exceeding $100,000,whether single or joint filers, can roll over assets from a traditional IRA into a new Roth IRA. Once rolled over, these assets continue to accumulate tax-deferred until withdrawn. Income taxes will be imposed on the taxable amount that is rolled over, but there is no premature distribution penalty.
Individuals can have both a traditional IRA and a Roth IRA, but they cannot contribute more than the combined maximum to these accounts (for example, in 2006 an individual age 49 or below may contribute a total of $4,000 to both IRA accounts, not $4,000 for each account). Individuals who are not eligible for deductible contributions to a traditional IRA or are not eligible for a Roth IRA may still make nondeductible contributions to a traditional IRA.
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