12 month rule applicable to Roth conversion?
If I rolled $$ from IRA1 to IRA2 on May 1, 2009 do I have to wait until May 2, 2010 to convert IRA2 to Roth under the 12 month rollover limitation?
If I rolled $$ from IRA1 to IRA2 on May 1, 2009 do I have to wait until May 2, 2010 to convert IRA2 to Roth under the 12 month rollover limitation?
Permalink Submitted by Alan Spross on Wed, 2009-12-23 17:12
No, you do not have to wait at all. Roth conversions and/or recharacterizations of those conversions do NOT count against the one rollover rule whether the conversion was done by direct transfer or indirect rollover. Ref: Pub 590, p 65.