Conversion from a Regular to a Roth IRA
Lets say you have a Regular IRA and for the year you have negative adjusted gross income. Can you move the Regular IRA to a Roth IRA and use your loss carryforward to avoid ever paying taxes?
Lets say you have a Regular IRA and for the year you have negative adjusted gross income. Can you move the Regular IRA to a Roth IRA and use your loss carryforward to avoid ever paying taxes?
Permalink Submitted by Alan Spross on Wed, 2008-07-09 23:10
By all means. This is an opportunity that should be taken advantage of. A taxpayer might want to convert enough to cover the loss, his personal exemption and standard or itemized deductions. You might also make a good case to include the 10% bracket amount as well.