Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-27-2014, 08:38 PM
Junior Member
 
Join Date: Feb 2014
Posts: 1
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



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sep/roth eacollie IRA/Sep 4 03-20-2013 09:52 PM
ROTH IRA - contributed too much now what? jdensmore IRA/Sep 3 02-05-2013 10:32 PM
Roth IRA harryb IRA/Sep 1 02-06-2012 01:08 PM
roth IRA Bridgette419 IRA/Sep 1 03-04-2011 05:31 AM
Roth Ira kapriati IRA/Sep 1 01-21-2007 08:14 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.