Convert traditional IRA to Roth IRA by April 15?

Submitted by Norman Cook on Sun, 2023-01-22 21:28

Do I have until April 15 To convert a traditional IRA to a Roth IRA?

I understand that I can wait until I file my taxes (April 15,2023) to make a contribution for 2022 to an IRA. Does the same holds true if I wish to convert my current traditional IRA into a Roth IRA?



Submitted by Alan - IRA critic on Mon, 2023-01-23 03:51

Conversions are taxable in the year they are completed. Unlike a regular contribution there is no way to convert for a prior year. You can make your 2022 contribution up to 4/18/2023 and convert it anytime, but the conversion will not be reported for 2022.

Submitted by fairira on Tue, 2023-01-24 20:30

Can one make a nondeductible TIRA contribution now for 2022 and Roth convert it before 4/15/23 and repeat this for 2023, also before 4/15/23?

Submitted by Norman Cook on Wed, 2023-01-25 01:25

Is this a Backdoor Roth???  Why not make the contribution directly to the Roth?

Submitted by Alan - IRA critic on Tue, 2023-01-24 21:58

Yes. Or the two contributions can be made at the same time, and the total converted the next day in a single conversion. If there is any other TIRA balance at the end of 2023, the conversion will be partially taxable.

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