Do I understand the new regs correctly? If a married couple have combined AGI greater than $100,000 then they can't convert existing nondeductable IRA's to Roth IRA's? However, if that same couple were to divorce, then each individual could convert his/her nondeductable IRA to a Roth IRA so long as his/her INDIVIDUAL AGI is less than $100,000? This seems unfair to married couples. Also, does the AGI limit apply to the tax year in which the conversion is made or to the prior year? If it is the current year, and your expected income is near the threshold, do you have to wait til the end of the year to make the conversion, when you know what your capital gains distributions, etc, will amount to? I would like to make the conversion but our combined AGI is a little over the limit. Any ideas?
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