Timeline for Tax implications of re-characterizing a Traditional IRA to a Roth IRA after having taxes filed for the year it was contributed to
Current License: CC BY-SA 3.0
3 events
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| Apr 16, 2011 at 13:24 | comment | added | JTP - Apologise to Monica♦ | Ok. You said the deposit was made for 2010. I'd file an amended return for '10 to get that IRA on record. You can treat it as a non-deducted IRA so you don't impact the tax due for the year. You then treat it as a conversion in 2011. | |
| Apr 16, 2011 at 1:58 | comment | added | Zubin | No, there was no mention of my IRA in my return filed in February since I had no IRA account at that time. I "opened" and "contributed" the full allowable amount of $5000 for 2010 within the first two weeks of April after I already filed the taxes for 2010. | |
| Apr 16, 2011 at 1:51 | history | answered | JTP - Apologise to Monica♦ | CC BY-SA 3.0 |