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.

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

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?

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

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

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