In New York, judgments are valid for 20 years. In addition, judgment creditors may extend the period beyond twenty years if they make the proper application in Court before the 20 years lapse. Other states may vary from 7 to 25 years. Judgments collect interest. In New York it's 9% per year.
Member SIPC.Schwab Institutional is a division of Charles Schwab & Co., Inc. FTA 02586 (1106-8352) REG34983SIPDF-03 (11/06) If your state of residency is:Your withholding options are:DE, IA, KS, MA, ME, NEIf you elect to have federal income tax withheld, Schwab is required to withhold state income tax.
However, if you have made nondeductible contributions to the traditional IRA, those funds do not count as taxable income when they are converted. For example, if $10,000 of the $50,000 being converted was from nondeductible contributions, you only have to include $40,000 in taxable income.ayment Considerations. When you convert money to a Roth IRA, you may be tempted to take money from your converted funds to pay the income taxes you will owe. However, this should be avoided if possible because you cannot contribute extra in future years to make up for the amount you took out to pay taxes.