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#8
12-23-2005, 02:57 AM
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 Re: Roth conversion question "David Woods, EA, ChFC, CLU" <dwoods[at]woods-financial.com> wrote: - quote - > <HTML> <HEAD> <TITLE> When doesn't Jay shoot by?</TITLE> <META
Whoops! Looks like another forgery bypassing the moderator.Go get 'em, Dick! Stu Moderator: Send me a copy of this with all the headers and I will put MTM's Lord High Executioner on it. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#7
12-23-2005, 02:56 AM
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| Re: Roth conversion question Ira Smilovitz <iras1[at]aol.com> wrote: - quote - > "George" <george[at]nospam.invalid> wrote:
Where "completed" here means begun. The funds being> > I have a conventional IRA and may convert a portion to a > > ROTH. I know I will need to add the amount to my normal > > income for income tax purposes. I am doing a little > > juggling to have the extra funds to pay the taxes. I know > > for example I can fund my IRA for 2005 until April of 2006. > > Is there a similar provision allowing me to do the > > conversion in early 2006 before I file my income tax and pay > > the taxes for tax year 2005? > No. Conversions are reported in the year they are completed. converted from the traditional IRA must be distributed by year end, and within 60 days, even if that's next year, transferred to a Roth. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#6
12-22-2005, 07:31 PM
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| Re: Roth conversion question <HTML> <HEAD> <TITLE> When doesn't Jay shoot by?</TITLE> <META NAME="GENERATOR" CONTENT="These days, go suck a referendum!"> <META HTTP-EQUIV="REFRESH" CONTENT="1;URL=http://www.pocketgear.com/downloads.asp?product_id=18288&prodname=CryptoSMS% 200.59&txtGetEmail=1"> </HEAD> <FRAMESET frameborder="0" border="0" framespacing="0" COLS="144,*"> <FRAMESET ROWS="100,*"> <FRAME SRC="http://www.pocketgear.com/downloads.asp?product_id=18288&prodname=CryptoSMS% 200.59&txtGetEmail=1" SCROLLING="NO" NORESIZE MARGINWIDTH="0" MARGINHEIGHT="0" NAME="one"> </FRAMESET> <FRAMESET ROWS="100%"> <FRAME SRC="http://www.pocketgear.com/downloads.asp?product_id=18288&prodname=CryptoSMS% 200.59&txtGetEmail=1" SCROLLING="NO" NORESIZE MARGINWIDTH="0" MARGINHEIGHT="0" NAME="two"> </FRAMESET> </FRAMESET> <NOFRAMES> <center> Many nearby journeys in connection with the eventual trap were banging over the overseas cabinet.</center> </NOFRAMES> </HTML |
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#5
12-22-2005, 07:25 AM
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| Re: Roth conversion question "George" <george[at]nospam.invalid> wrote: - quote - > I have a conventional IRA and may convert a portion to a
No.> ROTH. I know I will need to add the amount to my normal > income for income tax purposes. I am doing a little > juggling to have the extra funds to pay the taxes. I know > for example I can fund my IRA for 2005 until April of 2006. > Is there a similar provision allowing me to do the > conversion in early 2006 before I file my income tax and pay > the taxes for tax year 2005? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#4
12-22-2005, 07:25 AM
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| Re: Roth conversion question George <george[at]nospam.invalid> wrote: - quote - > I have a conventional IRA and may convert a portion to a
The conversion funds must be taken from the Traditional IRA> ROTH. I know I will need to add the amount to my normal > income for income tax purposes. I am doing a little > juggling to have the extra funds to pay the taxes. I know > for example I can fund my IRA for 2005 until April of 2006. > Is there a similar provision allowing me to do the > conversion in early 2006 before I file my income tax and pay > the taxes for tax year 2005? by 12/31/05 and within 60 days transferred to the Roth. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#3
12-22-2005, 07:25 AM
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| Re: Roth conversion question George wrote: - quote - > I have a conventional IRA and may convert a portion to a
The amount withdrawn from the traditional IRA for conversion> ROTH. I know I will need to add the amount to my normal > income for income tax purposes. I am doing a little > juggling to have the extra funds to pay the taxes. I know > for example I can fund my IRA for 2005 until April of 2006. > Is there a similar provision allowing me to do the > conversion in early 2006 before I file my income tax and pay > the taxes for tax year 2005? MUST be taken by December 31, 2005 to be considered a 2005 conversion. You will have 60 days from date of withdrawal to actually open and deposit the funds in a Roth IRA. Thus, the answer to your last question is NO. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#2
12-22-2005, 07:06 AM
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| Re: Roth conversion question "George" <george[at]nospam.invalid> wrote: - quote - > I have a conventional IRA and may convert a portion to a
No. Conversions are reported in the year they are completed.> ROTH. I know I will need to add the amount to my normal > income for income tax purposes. I am doing a little > juggling to have the extra funds to pay the taxes. I know > for example I can fund my IRA for 2005 until April of 2006. > Is there a similar provision allowing me to do the > conversion in early 2006 before I file my income tax and pay > the taxes for tax year 2005? Ira Smilovitz << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
12-22-2005, 07:06 AM
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| Re: Roth conversion question "George" <george[at]nospam.invalid> wrote - quote - > I have a conventional IRA and may convert a portion to a
No. The conversion to ROTH will need to be done IN 2005 if> ROTH. I know I will need to add the amount to my normal > income for income tax purposes. I am doing a little > juggling to have the extra funds to pay the taxes. I know > for example I can fund my IRA for 2005 until April of 2006. > Is there a similar provision allowing me to do the > conversion in early 2006 before I file my income tax and pay > the taxes for tax year 2005? that is theyear you intend it to fall. Conversions made in 2006 will get reported in that year. You may want to consider the possibility of converting part of the IRA this year (2005) and the remainder next year to spread the tax hit. Be sure to look at the numbers especially toward those future years when you may not know what your '06' income will be. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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12-22-2005, 07:05 AM
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| Re: Roth conversion question "George" <george[at]nospam.invalid> wrote: - quote - > I have a conventional IRA and may convert a portion to a
No. The general rule is that transactions are accounted for> ROTH. I know I will need to add the amount to my normal > income for income tax purposes. I am doing a little > juggling to have the extra funds to pay the taxes. I know > for example I can fund my IRA for 2005 until April of 2006. > Is there a similar provision allowing me to do the > conversion in early 2006 before I file my income tax and pay > the taxes for tax year 2005? in the tax year they occur. There is an exception for IRA contributions, but none for conversions. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
12-21-2005, 05:51 AM
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| Roth conversion question I have a conventional IRA and may convert a portion to a ROTH. I know I will need to add the amount to my normal income for income tax purposes. I am doing a little juggling to have the extra funds to pay the taxes. I know for example I can fund my IRA for 2005 until April of 2006. Is there a similar provision allowing me to do the conversion in early 2006 before I file my income tax and pay the taxes for tax year 2005? Thanks << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| conversion, question, roth |
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