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IRA Taxes
Posted by Anonymous on 12/07/2010 - 13:01
If a converted IRA is opted to be taxed in 2010, is it included in income for the 2010 Roth contri-bution limits for 2010?
Enid Ellis
Colorado Springs, CO
- 803 reads
No
No, code section 408A says that amounts included in the gross income as a result of a rollover or conversion from a traditional IRA to a Roth IRA are not taken into account for purposes of determining the maximum contribution limit for a Roth IRA. (2011 Tax Facts on Employee Benefits, question 3622.)