mountainsoft
Thinks s/he gets paid by the post
I currently contribute 6480 per year to my IRA and take that deduction on our tax return. If I start converting small amounts (maybe 10K/yr) to a Roth, can I still claim the traditional IRA contribution deduction we've paid this year on my tax return? Future contributions would probably go to the Roth side.
Also, how is the Roth conversion taxed? Is that something you pay at the time of conversion, or is there a special place on the tax return to do that?
Also, how is the Roth conversion taxed? Is that something you pay at the time of conversion, or is there a special place on the tax return to do that?