are two conversions per year allowed?

[Guest judorock]

I had a traditional IRA at the beginning of last year (2001). I converted half of the money in it to a Roth IRA in May 2001, and converted the other half to a Roth IRA in Sept 2001. Is this allowed? Is there any restriction on how many conversions can be done during the same year? [None of this involves recharacterizations.]

Thanks.

[Guest kdm]

According to IRS Publication 590 on page 53, the 1-year waiting period on conversion rollovers does not apply. So, yes you could do more than one Roth conversion per year from the same IRA.