bzorc Posted April 7, 2014 Posted April 7, 2014 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!
Flyboyjohn Posted April 7, 2014 Posted April 7, 2014 Off the top of my head don't know of any way to convert a Roth to a traditional. If there aren't any pesky other IRAs to gum up the process how about making traditional IRA contributions and immediately converting to Roth?
masteff Posted April 7, 2014 Posted April 7, 2014 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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