Hi Phil,Thanks for the quick response. I do hold a 401k and a Roth ira from previous years, but no other traditional iras or seps. For the last three years my only retirement contributions have been to a traditional IRA. In 2009 I put in $2000 which was deductible; then in 2010 $5000 which was not deductible; then in 2011 $5000 of which $350 was deductible. Its my understanding that I will owe some % of the $2350 for which I was not taxed, and that the amount owed is based upon the ratio of untaxed to taxed contributions currently in the account. Also, I have set up two bull call spreads in the account and am not sure whether the sold calls will be treated as gains now or later when the spread is closed.(My accountant friend suggested leaving the account alone so that I would later have the taxed $ in there to raise my cost basis and save on tax later. My feeling is that I hope to earn more later and my tax bracket will be higher (wishful thinking perhaps)).Thanks for your help,Ray
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