2010 option not selected. Can you amend?
Hi group,
My client is in the 10% to 15% tax bracket for 2010. They did a $15,000 Roth conversion in 2010 and will do the same for 2011. Unfortunately the CPA did not opt to have the Roth conversion taxable in 2010. Instead it will be taxable in 2011/2012. Can the return be amended to show that it is taxable in 2010?
Thank you … Mary Dean
Permalink Submitted by Alan Spross on Fri, 2011-04-22 22:24
Yes, the return can be amended to change the conversion reporting option up to 10/17/2011. There might be a late payment penalty for the additional 2010 tax bill.
Permalink Submitted by [email protected] on Sat, 2011-04-23 02:18
Thank you as always!!!
Mary