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<<I am currently considering converting a regular IRA to a Roth IRA. I believe that the AGI limit for doing this 100k. I get paid in bonuses and commissions and I dont know if my AGI will be below this threshold this year of not. Does anyone know what the penalties are if I go ahead and convert and end up with more than 100k AGI in 98?>>

If you blow through the AGI limit you should be able to convert back to a regular IRA and pay no penalty. But the precise rules concerning this are still under consideration by Congress. You may want to wait a few weeks until we see the Technical Corrections Act and can give a more definitive answer.

KAT in Chicagoland
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