Contribution to Roth conversion

[Guest Wally McNamee]

I have converted my regular IRA to a Roth IRA in 1998. It is now called a Roth conversion account. All $$ that were converted from the regular IRA were reported to the IRS. I later (April 1st) contributed $2000 for the prior year 1998 into this Roth Conversion account. Is this OK?

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[Kathy]

Since the rules now require that all Roth IRAs be lumped together as a single Roth for distribution purposes and since you are now responsible for determining how much you contributed, how much you converted, and how much is earnings, the technically correct answer is - YES, it's ok to make your $2,000 contribution to the same Roth IRA account into which you converted your traditional IRA. However, the practical question is, did the trustee/custodian of your Roth IRA code the contribution correctly? Tha is, did they know that it was a contribution and not a rollover/conversion? I would check your statements to make sure that they reported it as a 1998 contribution. If you can't tell by the statements, give them a call to verify that it will be reported to the IRS as a 1998 contribution on the Form 5498.