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Time is Running Out for a 2018 Conversion! Here are 5 Things You Need to Know

If you are considering converting an IRA to a Roth IRA in 2018, time is quickly running out. Here are 5 things you need to know when making a decision: 1. The Deadline - The deadline for a 2018 conversion is the end of the calendar year. There is a common misconception that a conversion can be done up to the client’s tax-filing deadline. That is NOT the case. There is no such thing as a prior-year conversion. The distribution must be taken in 2018 and reported on a 2018 Form 1099-R. It is best not to wait until the last minute. Be sure to leave enough time to complete the transaction. Read More

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