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Partial conversion from traditional IRA to Roth IRA
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kennet...@gmail.com
Jan 16, 2017, 3:06:25 PM1/16/17
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My wife and I are married filing joint. We are over the AGI limit for ROTH contributions.
It appears, however, that we can convert money already existing inside of a traditional IRA (established pre-tax many years ago) to a ROTH IRA by paying tax on the amount included in the transfer by reporting it on Part II of Form 8606.
Am I way off on this, or is this correct?
Thanks in advance for any insight.
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It appears, however, that we can convert money already existing inside of a traditional IRA (established pre-tax many years ago) to a ROTH IRA by paying tax on the amount included in the transfer by reporting it on Part II of Form 8606.
Am I way off on this, or is this correct?
Thanks in advance for any insight.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
Alan
Jan 16, 2017, 4:42:26 PM1/16/17
to
On 1/16/17 12:02 PM, kennet...@gmail.com wrote:
> My wife and I are married filing joint. We are over the AGI limit for ROTH contributions.
>
> It appears, however, that we can convert money already existing inside of a traditional IRA (established pre-tax many years ago) to a ROTH IRA by paying tax on the amount included in the transfer by reporting it on Part II of Form 8606.
>
> Am I way off on this, or is this correct?
You are correct.
> My wife and I are married filing joint. We are over the AGI limit for ROTH contributions.
>
> It appears, however, that we can convert money already existing inside of a traditional IRA (established pre-tax many years ago) to a ROTH IRA by paying tax on the amount included in the transfer by reporting it on Part II of Form 8606.
>
> Am I way off on this, or is this correct?
bh2...@gmail.com
Jan 21, 2017, 12:32:32 AM1/21/17
to
On Monday, January 16, 2017 at 3:06:25 PM UTC-5, kennet...@gmail.com wrote:
> My wife and I are married filing joint. We are over the AGI limit for ROTH contributions.
>
> It appears, however, that we can convert money already existing inside of a traditional IRA (established pre-tax many years ago) to a ROTH IRA by paying tax on the amount included in the transfer by reporting it on Part II of Form 8606.
>
> Am I way off on this, or is this correct?
>
> Thanks in advance for any insight.
Yes and it will be taxable also as ordinary income.
> My wife and I are married filing joint. We are over the AGI limit for ROTH contributions.
>
> It appears, however, that we can convert money already existing inside of a traditional IRA (established pre-tax many years ago) to a ROTH IRA by paying tax on the amount included in the transfer by reporting it on Part II of Form 8606.
>
> Am I way off on this, or is this correct?
>
> Thanks in advance for any insight.
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