Guest BillH Posted March 21, 1999 Posted March 21, 1999 What is the due date for a conversion from an IRA into a Roth IRA and make it count for year 1998? In other words, can I make a IRA conversion to a Roth before April 15, 1999 and designate it as a 1998 conversion and include it on the 1998 income tax return. I do understand that it will be taxable in 1998 and not qualify for the 4 year spread since it was not done by December 31, 1998. I do see several references that April 15 is the due date for a regular Roth contribution, and make it applicable to 1998, but I'm not sure of the date for conversion. Thanks for the help.
Guest cebrooks Posted March 22, 1999 Posted March 22, 1999 The deadline for a Roth conversion for the '98 tax year was December 31, 1998. The 4 year spread option was for '98 only. Unfortunately you have missed this option. A conversion done now will result in '99 tax and tax rates and the tax cannot be spread over any period except '99 unless Congress amends the rules. The $100,000 MAGI rule also still applies and unless this issue is revisited and amended remains the guideline for single or married filing jointly returns.
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