Can the nondeductable principal in a regular ira be rolled into a roth ira without paying taxes
[[Can the nondeductable principal in a regular ira be rolled into a roth ira without paying taxes]]Nope. You cant simply "carve out" the non-deductible portion of your IRAs and convert that amount. It's not allowed. You have to spread your basis in your IRA (the non-deductible portion) of the IRA over the entire IRA. You can read more about this in IRS PUblication 590 and or 1998 Form 8606. Check it out.TMF TaxesRoy Want to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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