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I have money in a traditional IRA parts of it are in a mutual fund with a very high return since April 1999. If I convert to a Roth on January 1 2000 I think I will have to pay full income tax on all of that gain. If I wait to convert until April 2000 at which time that money will be in the same mutual fund for over 12 months can I pay the capital gains rate on the gain rather than full income tax upon the convertion?
(If I have to pay full income tax I actually lost money by using an IRA.)
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