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For tax year 2008 are you eligible to do a ROTH conversion?

Assuming that you are, then will you have sufficient withholding to meet one of the federal safe harbors:
1.) 90% of your 2008 income tax
2.) 100% of your 2007 income tax
(If you are eligible for a ROTH conversion, the 110% would not apply.)

Remember to check your state income tax requirements. They will be different from federal.

And if you're not (won't be) eligible for a Roth conversion this year, you should consider moving quickly to recharaterize the conversion and return it to your traditional IRA.

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