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| Subject: Re: Regular IRA xfer to Roth IRA | Date: 9/7/1997 2:37 PM | |
| Author: vlt | Number: 313 of 118626 | |
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This brings up something I've been wondering about. Ever since AGI limits were imposed on the deductability of IRAs in 1990 or so, I have either exceeded the AGI limit for an IRA deduction, OR I've been covered by a 401(k) plan. I've made IRA contributions every year, but have not been able to deduct them on my 1040. So, in effect, I've been making Roth-style IRA contributions for the last several years. In addition, my income is such that I should remain eligible for the Roth IRA in the future. My question is: Since I've already paid taxes on my IRA contributions, can I just declare them to be Roth IRAs on January 1, 1998 with no tax consequences? thanx, -- vince |
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