Is it too late?

[Badger]

It is my understanding that Roth IRA contributions can still be made for 2011 but what about Roth IRA conversions from tIRA? I know squat about taxes so what is the upper income limit of the 15% tax bracket? I would want to push any conversion to the limit from now on.

Cheers!

 

[justplainbll]

15% of taxable income up to:
$34,500 (single)
$69,000 (married filing jointly)
It's too late for 2011; the cutoff was 12/31.
When doing conversions this year consider converting assets whose values you believe have suffered temporary setbacks.
If you have a bundle to convert there's always the risk that the rules will be changed before you complete your conversions and the it will take longer for the tax free compounding in the ROTH to make up for the taxes paid on the conversions.

 

[MichaelB]

It is my understanding that Roth IRA contributions can still be made for 2011 but what about Roth IRA conversions from tIRA? I know squat about taxes so what is the upper income limit of the 15% tax bracket? I would want to push any conversion to the limit from now on.

Cheers!

Because a conversion generates taxable income it has to done by 12/31 of the tax year. Sorry, too late.

 

[Badger]

Thank you, I was afraid of that. I'll just have to plan better for this year.

Cheers!