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Does this mean that I could make both the 2009 and 2010 contribution to the Trad IRA and convert the account with both contributions now (before 4/15/10)? Is there a deadline for the conversion? Any reason why NOT to do that?

If you don't have any Traditional IRAs (including rollover IRAs) that have pre-tax money in them, yes - you can convert 100% of the non-deductible contributions however quickly your custodian will let you.

If you have Traditional IRAs that have pre-tax money (contributions or gains) in them, then all conversions must be pro-rated.

For instance, if your entire IRA portfolio consists of $90k pre-tax in a Traditional IRA from a rollover and this $10k in non-deductible contributions, and you converted $10k - $9k of the conversion would be considered to be pre-tax, and you would pay taxes on it. $1k would be considered to be the non-deductible basis, and would not be taxed.

You will need to file IRS Form 8606

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