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Financial Planning / Tax Strategies
|Subject: Re: Converted Just One of Two IRAs to a Roth||Date: 7/15/2013 7:24 PM|
|Author: IMBonzi||Number: 118868 of 121219|
TmfpMarti and VKG, thank you very much for your generous responses.
I have been away from my computer for several pleasant weeks and have just returned see if I will be able to fill out my 2013 Form 8606.
But first, to go back to one of your queries, I knew that there is no income limit for Roth conversions. So did the two TT helpers who plugged in my numbers on their computers and got the same error msg stating that my income was too high. The TT chaps each threw in the towel after several attempts.
“If you need some help with that [2013 8606] or would like confirmation that you've done it right, just holler.” I really appreciate this offer as the 8606 instruction sections on recharacterizations are beyond my comprehension.
Here are the approximate numbers I’m working with:
$5,000 - 2013 nondeductible contribution to traditional IRA
$5,500 - 2013 1099-R for the IRA distribution resulting
from the recharacterization of my 2012 conversion to
Roth, $500 of which is "related earnings" ?)
$10,500 - 2013 conversion to Roth of the above funds
These entries are my best guess (I'll include a statement):
5000 - line 1
5000 - line 2
10000 - line 3
10000 - line 5
10500 - line 8
10000 - line 13
0 - line 14
500 - line 15
10500 - line 16
10000 - line 17
500 - line 18
I'm converting my other IRA to Roth also and would add the corresponding figures to those same lines on the 8606.
Many thanks in advance, (if you’re still checking back two weeks on the board).
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