Pay taxes on different IRAs in different years?
I am converting a large IRA (in my name) into a Roth this week and plan on deferring the taxes into 2011/2012. My wife has a much smaller IRA (in her name) that we will also be converting and since we are in the AMT for 2010 I would like to pay the taxes on this conversion in 2010. Can I do this since the accounts are in different names?
Permalink Submitted by tomd37 on Thu, 2010-12-16 13:13
What you are proposing is okay; that is each spouse can do a conversion with the distribution being applied to different years for each spouse. What cannot be done is for one person to apply the distribution to different tax years. The tax years are 2010 or 2011/2012. This also answers your same question on Boglehead’s forum.
Tom D.