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Financial Planning / Tax Strategies


Subject:  Changing IRA Date:  3/17/1999  11:36 AM
Author:  UnwiseNotFool Number:  12413 of 130716

In April, 1997 I put 2000 into deductible IRA for 1996. At the time I was in the 15% tax bracket. Today, I am in 31% bracket and thinking about converting that old IRA to Roth. Can I amend my old return to make that contribution nondeductible, pay additional taxes with interest and penalties and then convert it to Roth? If so what are penalties and interest I will have to pay and what IRS publication describes the calculations and form I'll have to file?
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