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Subject:  IRA to ROTH IRA Conversions Date:  6/10/2019  10:07 AM
Author:  mjpersely Number:  129366 of 131788

Hello everyone,

I am considering performing an IRA (traditional deductible and non deductible) conversion from a regular IRA to a ROTH IRA this year being as I have been unemployed/underemployed for this year of 2019 to date and thought it would be a good idea to take the tax bite now, as opposed to later if things don't start to look better towards the end of the year.

I have a few questions as follows for those that have done this before and can help me with some answers or advice/clarification:

1) Is there a deadline that I must decide and perform this conversion to have it qualify for the tax year 2019 ?

2) Do I have to convert every single IRA account to the ROTH or can I pick and choose which IRA accounts or make a partial conversion? (I have been getting conflicting information on this one)

3) How do I figure out the taxes I would owe on the conversion? Is there a process or method that I must follow so that I am paying the correct taxes? Has anyone done this calculation themselves or is everyone using a CPA or some other professional?

4) Are the taxes paid immediately after the conversion or due with your tax return filed for that year it applies to?

5) Finally, How long of a process does this generally take so I can time it right if there is a deadline to observe?

Thanks for any guidance anyone can give,
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