UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: hlsteve Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 77107  
Subject: Contributions to converted Trad IRA Date: 2/28/1999 9:55 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I am currently reviewing my taxes/financial situation and have the following two questions.

My wife has a traditional IRA. We did not convert this to a Roth in 1998 because we had some potential income that could have placed us over the AGI limit. In retrospect I probably should have converted anyway especially since in the end we did not exceed the limit. My questions are.

1) If I convert now will I have to pay all of the applicable taxes in 1999 return? Was there any IRS last minute reprieve on the spreading out over four years applying only to conversions in 1998?

2) Can I, or better yet, SHOULD I continue to contribute to this converted account? Or should I just start a new IRA and let the converted one sit. I seem to recall some advice that suggested I do the latter.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.