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Old 02-27-2014, 08:38 PM
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Trad-Roth conv. Not clear cut

Scenario

I made a $1400 contribution in 2013 for tax year 2012 in a traditional IRA with the left over money that i couldn’t contribute to a Roth because of income limits. I never converted the $1400 . I just left it as cash in a trad IRA, so it made a few pennies. Anyway, now i make too much to contribute anything in a Roth. My question is since i didn't donate anything for yr 2013. Can I contribute $4100 for tax yr. 2013 to the trad IRA bringing the total in that account to 5500, then convert it to my Roth IRA for the tax yr 13 before April 15th 2014? BTW I’ve had the Roth for years before my income became too great. Also would i have to wait for 2015 to file the 1099-r and report to the IRS via the 8606 what i did this year for tax year 13?

One more quick question, can i open another trad IRA in 2014, fund that, then convert it /add it to my Roth IRA for year 2014 before 2015

Thanks



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