Too late for 2017 tIRA to Roth conversions?

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harvestbook
Posts: 385
Joined: Sat Mar 18, 2017 7:12 pm

Too late for 2017 tIRA to Roth conversions?

Post by harvestbook » Tue Feb 13, 2018 8:50 am

In compiling our tax records, I believe we will have a few thousand dollars in "available space" for a tax-free Roth conversion for 2017. However, my reading indicates those would have to be done by Dec. 31, 2017 (unlike contributions.)

Is there any good way to use this space on 2017 taxes? I'll be passing this on to my CPA but wanted to see if I could educate myself a little first. Thanks.
I'm not smart enough to know, and I can't afford to guess.

The Wizard
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Location: Reading, MA

Re: Too late for 2017 tIRA to Roth conversions?

Post by The Wizard » Tue Feb 13, 2018 9:07 am

Nope. 2017 is gone for good, except for contributions of IRA money up to $5500 or $6500.

For 2018, do your planning as the year rolls on and do any desired Roth conversions by the end of December...
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harvestbook
Posts: 385
Joined: Sat Mar 18, 2017 7:12 pm

Re: Too late for 2017 tIRA to Roth conversions?

Post by harvestbook » Tue Feb 13, 2018 9:16 am

Thanks, we were caught off guard (pleasantly so) by the large percentage of income we were able to put in solo 401ks, HSA, and tIRAs. After self-employed insurance deduction, which is a third of our annual household budget, we are likely to pay no taxes. My business has uneven income so it's harder to plan ahead but we'll be ready this year. We're going to start Roths with our tax refund.
I'm not smart enough to know, and I can't afford to guess.

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