TIPRA and Roth Conversions in 2011

Submitted by Kenneth Meunier on Mon, 2011-06-20 20:45

Hello –

Can someone converting a to a Roth IRA in 2011 split taxes in 2011-2012, or was this only available in 2010?

Also, are there any restrictions on what type of retirement account can be converted to a Roth IRA?

Thanks!
KM



Submitted by mk foss on Mon, 2011-06-20 20:54

The ability to split the tax between 2011 and 2012 is/was only available for 2010 conversions.

Roth conversions can be made from qualified plans (401(k) etc), 403(b) arrangements and governmental 457 plans. Inherired benefits from those types of plans can also be converted.
All types of IRAs work as well, traditional IRAs, rollover IRAs, SEPs and SIMPLEs. The SIMPLE has to be in place two years though. Inherited benefits from any type of IRA cannot be converted.



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