Is there still time?

[Badger]

Since my wife has been retired for a year now and our income is less than the previous year we may have some room to convert some traditional IRA money to a Roth IRA before going into a higher tax bracket. I know there is still time to contribute to a 2011 Roth IRA but can you convert to a Roth IRA from a traditional IRA for the 2011 year before the April tax deadline?
I would like to move as much as possible but not to exceed the top of my low tax bracket.

Cheers!

 

[MichaelB]

The cutoff to include the withdrawal in 2011 income is 12/31. If you do it now it will be considered 2012 income. Sorry.

 

[Badger]

Awwww nuts! Looks like my time will be better used working on a plan for 2012 then. Thank you for such a quick response.

Cheers!

 

[Helen]

Are you Badger from the Motley Fool forum?

 

[Badger]

I don't think so. It has been a few years since I used that forum and I don't recall having a log-in name. I hope nobody is giving me a bad reputation.

Cheers!

 

[Helen]

I don't think so. It has been a few years since I used that forum and I don't recall having a log-in name. I hope nobody is giving me a bad reputation.

Cheers!

No, you're safe, he's a good guy.