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Roth Question


bzorc
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Taxpayer is MFJ and is going on extension to October 15, 2014. Current AGI allows a Roth IRA contribution for both H&W. However, what are the ramifications if the taxpayer's AGI goes up over the limits between now and October 15? Can the Roth be converted to a traditional IRA without penalty?

Any answers would be helpful, thanks!

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The word you want is "recharacterize". See Pub 590 starting on page 30. Also see the instructions for Form 8606, being sure to read item 3 in the middle column of page 4.

Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra

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