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Old 05-27-2014, 11:33 AM
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traditional IRA to Roth IRA

I created tradition IRA for 2013 and filed my tax returns. Now, i think, i made a mistake by not opting for ROTH IRA. I have some shares with some unrealized gains. Is there any way to convert traditional IRA to Roth IRA without liquidating my positions and paying taxes on gain? I am fully aware of the fact that i have to pay taxes on the contribution amount.

Is it possible to just amend the tax return and change the a/c type since i opened those just few months back.



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Old 06-04-2014, 07:45 PM
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Originally Posted by shailendra_vikas View Post
I created tradition IRA for 2013 and filed my tax returns. Now, i think, i made a mistake by not opting for ROTH IRA. I have some shares with some unrealized gains. Is there any way to convert traditional IRA to Roth IRA without liquidating my positions and paying taxes on gain? I am fully aware of the fact that i have to pay taxes on the contribution amount.

Is it possible to just amend the tax return and change the a/c type since i opened those just few months back.
I created tradition IRA for 2013 and filed my tax returns. Now, i think, i made a mistake by not opting for ROTH IRA. I have some shares with some unrealized gains. Is there any way to convert traditional IRA to Roth IRA without liquidating my positions and paying taxes on gain?=========>>>>>>>>>>>>>> Unlike rollovers, a conversion from a traditional IRA to a Roth IRA is taxable.as logas all of your contributions to your traditional IRA have been deductible, then the full amount of your rollover is taxable. it’s all ordinary income, even if some or all of the income produced by your traditional IRA was from an increase in value of stocks or mutual funds. If you’ve made nondeductible contributions to the regular IRA, then the conversion will be at least partly nontaxable. The amount of tax you pay depends mainly on your personal tax bracket. Butyour tax bracket can change if your taxable income increases. For example, if you are near the top of the 15% tax bracket before you make a conversion to a Roth IRA, you may find that most of the income from the conversion is taxed at the 25% rate.



Is it possible to just amend the tax return and change the a/c type since i opened those just few months back=============>>>>>>>>>>>> When you convert from a Traditional IRA to a Roth IRA you pay income tax on the contributions. The taxable amount that is converted is added to your income taxes and your regular income rate is applied to your total income.



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