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[[Sure...there are no limits to the number of conversions that you can make in any one year. So if you now want to convert the SEP account, you are free to do so.]]

Well, we already converted the SEP "account" in 1999, but it only included our 1997 contribution and subsequent earnings. Now we want to convert our fresh 1998 contribution.

[[[[ Do we have to recharacterize our Roth conversion and then
include the extra money when we re-convert?]]]]

[[Nope...not if you don't want to. I assume that all of your other conversions took place in 1998 (in order to get the benefit of the 4 year spread). So if you recharacterize your 1998 conversions, and then reconvert (only allowed if you filed an extension on your 1998 tax retur), you'll have a BIG 1999 conversion, and will not receive the benefit of the 4 year spread out of income.]]

Not exactly. As I said, all our other funds were converted earlier this year (1999). We didn't qualify to convert last year and take advantage of the 4-year spread.
You stated that there are no limits to the number of conversions that you can make in any one year. That's what I thought. But, you've made it clear to all that the IRS treats your retirement accounts as "one big IRA", and I was concerned about piecemeal conversions and potential recharacterizations.

- LoopinFool
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