Greetings, Charli25, and welcome. You asked:My son rolled part of a regular IRA over to a Roth in 1998 and is paying 1/4 taxes each year.His original investment is now below the conversion, can he reconvert it even though he rolled it in 1998 ? No, he cannot. Under special rules those who converted in 1998 could recharacterize their conversions back to a traditional IRA provided they acted by December 31, 1999. Conversions made in 1999 or latter must do so by October 15 of the following tax-year. The last date by which your son could recharacterize has long since passed, so those 1998 conversions now stand.Regards..Pixy
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra