Hello Fellow Fools,In October 2000 I opened, and made a $2000 deductible contribution to a traditional IRA. In January of last year, I made another $2000 contribution, which I now see will be non-deductible as a result of the 403(b) plan which my employer since August offers - so I am evaluating conversion to a Roth IRA.As a result of some unFOOLish investments decisions, and the downturn in the market the IRA is now only worth $2873.81.(1)If I converted, what would be the tax liability? $873.81? ($2873.81 - the $2000 nondeductible contribution?) $2000? (The full value of the deductible contribution?) Would it be the current market value of the 2000 contribution?(2)(Whether this is relevant would depend on the answer to question 1.)Could I file an amended 2000 tax return and NOT take credit for the $2000 deduction? (Essentially unscrambling the egg of the deductible IRA contribution.)(3)Is the tax liability of a conversion completely dependent on calendar year, or could I convert today, and have the penalty occur in my 2001 taxes?Thanks for the help!Cheers,madmikeyd
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