Permalink Submitted by Alan Spross on Tue, 2010-10-05 16:51
Jim,
You are right and the IRS Rep needs to study the rules again. Any conversion done in 2010 has the option of deferring the income over the next two years, whether a TIRA to Roth IRA, qualified plan to Roth IRA or the new qualified plan to designated Roth qualified plan. A taxpayer can opt out of the deferral and report all the income in 2010 if he wishes. The same decision must be made for all conversions of the various types.
Permalink Submitted by Alan Spross on Tue, 2010-10-05 16:51
Jim,
You are right and the IRS Rep needs to study the rules again. Any conversion done in 2010 has the option of deferring the income over the next two years, whether a TIRA to Roth IRA, qualified plan to Roth IRA or the new qualified plan to designated Roth qualified plan. A taxpayer can opt out of the deferral and report all the income in 2010 if he wishes. The same decision must be made for all conversions of the various types.
Permalink Submitted by Jim O on Fri, 2010-10-08 07:24
Thanks Alan!