Comments on: Loving That Roth?

By: JOE

JOE — Tue, 01 Feb 2011 02:09:13 +0000

No, it should look like a deposit and a conversion. There are a number of reasons for this, one of which is you need to include all your IRA funds when figuring how much tax to pay upon converting.

By: Steve Paredes

Steve Paredes — Mon, 31 Jan 2011 18:14:00 +0000

Question for the reader’s of this excelent blog. Given the unique opportunity re Roth IRA conversion in 2010 for upper income infividuals. What is the proper income tax treatment for a 2010 Traditional IRA contribution that is converted into Roth IRA later during the same year. The 2010 Premiere Turbo tax software seems indicate that 2010 Traditional IRA contributions converted to a Roth in 2010 are considered as “recharacterized.” TurboTax seems to treat recharacterizations the same as direct contributions to a Roth. Unfortunately, the income limitation still applies to contributions, thus making re-characterizations of 2010 traditional IRA contributions to Roth to be deemed “excess contributions.” Is this correct? Does anyone have insight into this matter?

By: 2010 Traditional IRA to Roth IRA Conversion Tax Rules

2010 Traditional IRA to Roth IRA Conversion Tax Rules — Fri, 11 Sep 2009 19:04:53 +0000

[...] Special Thanks to Joe from Joe Taxpayer. It was his comments that inspired me to write this post. Check out one of his posts on the Roth IRA. [...]