The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Regular IRA xfer to Roth IRA||Date: 8/25/1997 11:12 AM|
|Author: TMFTaxes||Number: 259 of 122628|
<<As for this point that you brought up, this leads me to another question. So, given the 100K AGI limitation in mind, are you allowed only 1 rollover ever or will you be allowed to do this every year that you're eligible? So that you can chip away at a huge standard IRA bit by bit?>>
No restrictions or limitations that I can see on the rollover provision. So, it would seem, that as long as you fall under the income limitation, and still have IRAs out there that you want to convert, there is no limitation to do so.
The only "special" treatment is for conversions taking place after 12-31-97 and before 1-1-99 (in effect..1998). For rollovers undertaken during that time, the income (and associated tax) will be spread out over a 4 tax year period. It appears that after 1998, there will be no special tax breaks.
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