Laidlaw Energy Group, Inc.(fka LLEG)

[discreet_suffolk]

Max $5,000 Per year contribution UNLESS you rollover a Traditional IRA or 401K - BUT you will pay taxes on the rolled over amount. but the government will give you a few years to pay it. Read below

http://www.fairmark.com/rothira/taxfree.htm

Qualified Distributions
If you receive a distribution of earnings from your Roth IRA, you're required to pay tax (and possibly penalties) unless you received a qualified distribution. A qualified distribution is a distribution that satisfies two tests: a five-year test and a type of distribution test. It's not enough to meet just one of these; both are necessary.

Five-Year Test
The five-year test is satisfied beginning on January 1 of the fifth year after the first year you establish a Roth IRA. If you established a Roth IRA in 2004, for example, any distribution from a Roth IRA will satisfy the five-year test if the distribution occurs on or after January 1, 2009.

The five-year test is satisfied on January 1 even if you establish your Roth IRA late in the year. In fact, you're treated as if you established your Roth IRA in the previous year if you make the contribution on or before April 15 and designate it as a contribution for the previous year.

When you meet the five-year test for one Roth IRA, you meet it for all Roth IRAs. For example, suppose you contributed $500 to a Roth IRA in 2004. Three years later you decided to set up another Roth IRA and contribute $2,000. Both IRAs will meet the five-year test on January 1, 2009.

Type of Distribution
Even after you meet the five-year test, only certain types of distributions are treated as qualified distributions. There are four types of qualified distributions:

¦Distributions made on or after the date you reach age 59½.
¦Distributions made to your beneficiary after your death.
¦If you become disabled, distributions attributable to your disability.
¦"Qualified first-time homebuyer distributions."