Can 2010 contribution be converted
Can’t seem to find this anywhere. Can a 2010 contribution to a traditional IRA be part of the 2010 conversion to a Roth?
Can’t seem to find this anywhere. Can a 2010 contribution to a traditional IRA be part of the 2010 conversion to a Roth?
Permalink Submitted by mk foss on Wed, 2009-12-02 20:04
Yes, this can be done.
Converting a 2010 contribution is the “work around” becasue Congress took off the income limits on conversions but not on contributions. Many people are advocating nondeductible contributions that are converted in the year of contribution. You could also convert a deductible IRA contribution to Roth.