Hanover Jim Posted March 15, 2010 Report Share Posted March 15, 2010 Several clients have asked me about the change in the law that removes the cap on income levels that allows anyone to convert their Traditional IRA into a Roth IRA in 2010. I know that any money converted in 2010 can have its taxes paid over the 2011 and 2012 tax years( or choose to pay it all in 2010). But I can't find a clear explanation how this will be handled on the tax form. Will any amount that is converted have its taxes set at the rate that is in effect on the 2010 tax return; or will will half of the amount converted in 2010 show up on each of the 2011 and 2012 tax returns thus effectively set at the rates that are in effect in those years? I haven't found any information,that is clear to me, on how this conversion will calculate the taxes generated. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted March 15, 2010 Report Share Posted March 15, 2010 http://www.rothira.com/ taxbilly Quote Link to comment Share on other sites More sharing options...
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