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Tax for Traditional IRA Converted to Roth IRA in 2010

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lipepe

Junior Member
What is the name of your state (only U.S. law)? MD

I have three questions concerning this topic:

My wife and I converted our traditional/regular IRAs to Roth in 2010. We understand that the income from the conversion could be deferred as income 50% to 2011 and 50% to 2012.

1. If we take this option, does that mean we would report in 2012 for the 2011 portion and report in 2013 for the 2012 portion?

2. We have several IRAs converted, could we take this option on some and not on others? That is, report the entire proceeds on some of the converted IRAs in 2011 (for 2010 conversion) and defer the rest to 2011 and 2012?

3. For those IRAs we defer to the next two years, how do we reflect the info on the 1099 on our 2010 income return form?

Thanks in advance for your advice.

Pepe
 
Last edited:


tranquility

Senior Member
All your questions will be answered on the 8606 form and instructions. (Although I don't see why you shouldn't be able to do #2, it seems the election is for all the conversions.)
 

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