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November 3, 2010

Roth IRA Conversion Deadline

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If you want to complete a Roth conversion this year, it must be done by December 31. Bear in mind that a Roth conversion is a two part transaction. Part 1 is the distribution of the assets from the traditional IRA, SEP IRA, SIMPLE IRA, qualified plan, 403(b) or 457 (b) account. Part two is the deposit of funds to your Roth IRA. Only Part 1 needs to be completed by December 31; Part two can be completed within the 60-day period. If you are completing a conversion between accounts held at the same financial institution, both transactions are usually done at the same time. However, if the accounts are held at different financial institutions- which is more likely the case if the conversion is being made  from a qualified plan, 403(b) or 457(b) plan, you need to make sure that Part one is completed by December 31.

Tip by Denise Appleby

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