There are several options on converting a traditional IRA to a ROTH. You can split the tax over two years. Even if you are married and both convert. Check with your tax professional for the best situation for you.
Married Filing Joint filing status, both taxpayers convert their traditional IRA to ROTH. May they make separate elections on how to pay the tax? One spouse would include in income on the joint return the full amount of their conservation and pay all the tax in 2010 and the other spouse would include in income 1/2 of conservation in 2011 and 1/2 of conservation in 2012 and pay the tax in 2011 and 2012.
Updates to come.
No comments:
Post a Comment