Mai Posted March 4, 2009 Report Posted March 4, 2009 Quick question.. Can tax payer still convert Tradiitonal IRA conversion to Roth IRA for 2008 before Tax due date (4/15/2009), or the conversion need to be done before 12/31/2008 for Tax Year 2008? Thanks! Quote
TAXBILLY Posted March 4, 2009 Report Posted March 4, 2009 Quick answer: No. Can't be a 2008 transaction if receipt of the money is in 2009. taxbilly Quote
RitaB Posted March 4, 2009 Report Posted March 4, 2009 Quick question.. Can tax payer still convert Tradiitonal IRA conversion to Roth IRA for 2008 before Tax due date (4/15/2009), or the conversion need to be done before 12/31/2008 for Tax Year 2008? Thanks! That's a good question, since you can make contributions for 2008 in 2009, and if a Traditional IRA, you're deducting money contibuted in a different year. But, taxbilly is right (as usual). Conversions are reported in the actual year they're done. I had to look it up. Thanks for the question! Rita Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.