For ROTH conversions made in 2010 a person must choose whether to pay 100% taxes due on the conversion by either 4/15/2011 or 50% by 4/15/2012 and 50% by 4/15/2013.
DW and I are trying to accelerate our conversions so we max out the 28% tax bracket. In 2010 DW converted $200k to ROTH and I converted $100k. We would like to spread the tax liability evenly over the 3 tax years, 2010, 2011, and 2012. (A yearly conversion of about $115k would place us close to the upper end of the 28% bracket.)
Question: (We file a joint return.) Can she elect to pay her conversion in tax years 2011 and 2012 and I elect to pay 100% of the taxes on my conversion for tax year 2010