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Deadline for converting old 401k to Roth IRA
Posted on 12/15/10 at 6:45 pm
Posted on 12/15/10 at 6:45 pm
I'm thinking of converting a traditional IRA (old 401k) to a Roth for the 2010 tax year. When do I need to make this decision? Can I wait as long as April 15, 2011 to make the call?
I'd like to wait until I complete my federal taxes to see what impact various conversion amounts will have but not sure if I'll have that luxury.
I'd like to wait until I complete my federal taxes to see what impact various conversion amounts will have but not sure if I'll have that luxury.
2
Posted on 12/16/10 at 6:30 am to Pheeze
quote:
When is the latest I can make a 2010 rollover or conversion to a Roth IRA? To qualify as a 2010 rollover or conversion to a Roth IRA, a traditional IRA or an employer-sponsored retirement plan must make a distribution in 2010 (or your taxable year beginning in 2010 if you are not a calendar-year taxpayer). The traditional IRA or plan can make the distribution: * directly to your new or existing Roth IRA (a trustee-to-trustee transfer), or * indirectly - a distribution to you that you deposit into a Roth IRA within 60 days. For example, if you are a calendar-year taxpayer and receive the distribution on December 31, 2010, and then deposit that distribution into a Roth IRA by March 1, 2011, you will have made the rollover or conversion in 2010.
LINK
Posted on 12/16/10 at 10:45 am to Pheeze
We are doing this tomorrow LOL.
Basically, if you do it this year, you can have a couple years to spread out the amount you will owe in taxes. If you wait until next year, you have to pay in one lump sum.
Sorry for the lack of specifics, this is what my advisor told us.
Basically, if you do it this year, you can have a couple years to spread out the amount you will owe in taxes. If you wait until next year, you have to pay in one lump sum.
Sorry for the lack of specifics, this is what my advisor told us.
Posted on 12/16/10 at 5:50 pm to BrandNew
Thanks but I'm still not sure how to interpret that.
I have a traditional IRA that was a 401k rollover. Does this mean I have until April 15th (tax day) to deposit into a Roth IRA and pay taxes on it for the 2010 tax year?
I have a traditional IRA that was a 401k rollover. Does this mean I have until April 15th (tax day) to deposit into a Roth IRA and pay taxes on it for the 2010 tax year?
Posted on 12/16/10 at 7:00 pm to Pheeze
(no message)
This post was edited on 1/29/11 at 12:22 pm
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