Convert traditional IRA to Roth IRA by April 15?
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?
Permalink 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.
Permalink 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?
Permalink 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?
Permalink 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.