No. of Recommendations: 0
Greetings, Truckbad, and welcome to Fooldom.

<<Gotta like this guy Roth! It looks like his IRA really benefits younger investors (those less likely to receive the generous social security checks current beneficiaries do), and it sure makes planning a whole lot easier, no tax implications to worry about.

I would like to roll both of my IRA's into Roth's next year, but fortunately I have to worry about the 100k AGI limit. It should be close, but what if I go over after I've rolled? I found this same question posted by someone else as #503 in Tax Strageties. Sorry for the redundency, but I thought someone here might have something further to add. >>

IRS guidance on this issue isn't out yet, so I can't answer with any degree of authority. For borderline cases, I can't respond any better than TMF Taxes. The $100K is an absolute AGI limit, and if you're over, you're over and can't roll a traditional IRA to the Roth. If you know it will be close for the year, wait until the IRS has put out the rules regarding what happens if you roll and ARE over. You have until 12/31/98 to make this decision, and the guidance will be out well before then. When it comes to the IRS, I would err on the side of caution, and in this instance caution is saying, "Slow down. Wait and see."

Regards.....Pixy
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
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.
Advertisement