michaelmars Posted March 1, 2008 Report Share Posted March 1, 2008 in 2005 client contributed to ira eventhough she had no taxable income, i told her to convert it to a roth. now it appears the bank converted her entire ira account to a roth not just that years contribution. Any ideas what to do? so far the irs hasn't contacted her but they will! i think my options are to accept the roth and pay the taxes or see if the bank can correct what they did even though its over 2 years ago. Any one have another options? Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 1, 2008 Report Share Posted March 1, 2008 in 2005 client contributed to ira eventhough she had no taxable income, i told her to convert it to a roth." Why would you suggest to convert it to a Roth IRA to begin with? Quote Link to comment Share on other sites More sharing options...
Julie Posted March 2, 2008 Report Share Posted March 2, 2008 I would assume it's because she had no taxable income, hence no benefit from an IRA deduction. in 2005 client contributed to ira eventhough she had no taxable income, i told her to convert it to a roth." Why would you suggest to convert it to a Roth IRA to begin with? Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 2, 2008 Report Share Posted March 2, 2008 Oops, I thought he said no income. Quote Link to comment Share on other sites More sharing options...
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