ira converstion
can I convert ira account to a roth ira for 2012 until April 15th? and can it be undone if I have to pay too much in taxes for the extra income before October 2013?
can I convert ira account to a roth ira for 2012 until April 15th? and can it be undone if I have to pay too much in taxes for the extra income before October 2013?
Permalink Submitted by Alan - IRA critic on Mon, 2013-04-01 17:35
No, it’s too late now to do a 2012 conversion. Only regular contributions for 2012 can be done up to 4/15. THe distribution for a 2012 conversion must be done no later than 12/31/2012.
Permalink Submitted by Rose Robins on Mon, 2013-04-01 17:45
if I convert to a roth IRA when can I undo, if necessary?
Permalink Submitted by Alan - IRA critic on Mon, 2013-04-01 17:51
Since you can only convert in 2013 at this point, a 2013 conversion can be recharacterized as late as 10/15/2014, which is the extended due date for the 2013 return.