The IRS Deductions Blog

Posts Tagged ‘non deductible ira’

Question: Can I convert a non deductible IRA that has after tax 401K funds into a Roth in 2010 when income limits expire?

Answer: Dear Bobby: Great question, not many people have thought that far ahead. Why not? Look at IRS Pub 17 page 124 and it makes clear the procedure to follow when you convert a nondeductible IRA to a Roth. Obviously the $100,000 figure is a hurdle now for you and in 2010 that hurdle will be removed. Make sure to retain all documentation related to the origin of the IRA and the tax paid status on the funds. Remember you can keep that Roth going even after you reach age 70 1/2.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provide. Click on my profile to read more.
Errol Quinn Enrolled Agent Master Tax Advisor

Items on Amazon Right Now for Non Deductible:

Clearwater Historical Society Seeking Enclosed Trailer

The Clearwater Historical Society is in great need of an enclosed trailer (preferably 10′ – 16′ long) to house fish fry equipment and free up precious room in the Historic Plumb House Museum needed for storage of archives, historical collections, etc. The Society, which receives no funding from the City of Clearwater, Pinellas County or the State of Florida, is a 501(c) 3 non-profit agency.

NOmadjik Journey: The Other LA