The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: Threshkin on August 26, 2018, 09:08:37 PM
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What is the deadline for converting a
Roth to Traditional Traditional to Roth IRA?
Is is Dec 31 or Tax day (Apr 15)?
I need to do a conversion to true up our income for the ACA subsidy. We will be out of country over New Years and I do not want to be doing takes while on vacation if I don't have to! I tried searching the interwebs and, while I found lots of information on how to convert I could not find the deadline.
Thanks!
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convert Roth to traditional? Are you talking about a re-characterization?
or do you mean the other way around; convert traditional to Roth?
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convert Roth to traditional? Are you talking about a re-characterization?
or do you mean the other way around; convert traditional to Roth?
Sorry, re-characterization. Traditional to Roth conversion. (dyslexia strikes again). We are FIREd and have low earned income. We need to do the re-characterization conversion to increase our AGI to hit our ACA subsidy income estimates.
Edit: I don't think re-characterization is the right term. This is old money that was invested pre-tax. I now want to move it to a post-tax Roth account.
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What is the deadline for converting a Roth to Traditional Traditional to Roth IRA?
Is is Dec 31 or Tax day (Apr 15)?
Conversions are taxed in the calendar year they occur, so Dec. 31.
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What is the deadline for converting a Roth to Traditional Traditional to Roth IRA?
Is is Dec 31 or Tax day (Apr 15)?
Conversions are taxed in the calendar year they occur, so Dec. 31.
Thanks MDM. I was afraid of that. We will be out of country in Dec so we will have to do some early calculations of our SE net income before we go.