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Slowly assimilating Pub 590.
It seems to say that in converting from Traditional to Roth (I plan on doing a series of partial conversions over the next 8 years), you only get one transaction to/from any specific IRA per tax year. Am I reading this correctly?
My initial plan had been to do a partial early in the year (about now) and then another partial in, say, December after evaluating that year's tax situation.
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It seems to say that in converting from Traditional to Roth (I plan on doing a series of partial conversions over the next 8 years), you only get one transaction to/from any specific IRA per tax year. Am I reading this correctly?

No. Can you point us to the Pub reference that's confusing you?

Phil
Rule Your Retirement Home Fool
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That would be page 23, para 1 - Waiting Period Between Rollovers (a conversion being a special case of a rollover). However, now that I've re-read this para for the 22nd time, I realize it is referring to tax free rollovers. As conversions are not tax free, this one per (calendar) year rule doesn't apply.
Did I get it more or less right this time?
Does it look proper to do the twice per year for the next 8 years I plan?
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Did I get it more or less right this time?
Does it look proper to do the twice per year for the next 8 years I plan?


In order, yes and yes.

BTW, don't feel bad. I have enormous respect for the IRS folks who do forms and pubs. Theirs is a gargantuan task, given what they have to work with courtesy of our political friends. That said, Pub 590 is not their best work.

Phil
Rule Your Retirement Home Fool
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Slightly off topic, but a fun thought.
There is a way to quickly and easily simplify the Tax Code. Require all Congressmen and Senators to do their own taxes, by hand, on paper and by April 15th. I figure it would take 2, maybe 3, weeks to have a simplified Tax Code
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Slightly off topic, but a fun thought.
There is a way to quickly and easily simplify the Tax Code. Require all Congressmen and Senators to do their own taxes, by hand, on paper and by April 15th. I figure it would take 2, maybe 3, weeks to have a simplified Tax Code.


And have all their returns audited.

Karen
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