The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Regular IRA xfer to Roth IRA||Date: 9/7/1997 2:37 PM|
|Author: vlt||Number: 313 of 122099|
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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