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For those already in retirement, the decision-making process is similar, although the income factors may be slightly different.For those who retire early – e.g., in their 50s or early 60s – there is often an opportunity for Roth conversions while rates are especially low, before Social Security benefits begin (as the phase-in of taxation on Social Security benefits can dramatically increase the marginal tax rate).
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Just to clarify, the 10% early withdrawl penalty will only apply to earnings and not the contribution amount? If I make the withdrawl right now, will the penalty come out of my 2007 taxes or 2006?