2011 Roth IRA Conversion Deadline
By Beverly DeVeny, IRA Technical Expert
Follow Me on Twitter: @BevIRAEdSlott
This question comes up ever January. Can I still do a Roth conversion for last year? After all, I have until April 15th to make a contribution to my IRA or Roth IRA for last year, so can I still do a conversion for last year?
The answer is no. While there may be an exception for contributions, there is no corresponding exception for conversions (or distributions). In order to have a 2011 Roth conversion, the funds must leave the IRA or employer plan by December 31, 2011.
The funds do not have to be in the Roth IRA by that date, but they must be out of the IRA by the end of the year. You can do a 60-day rollover where the funds leave the IRA on December 10, 2011 and are deposited in the Roth IRA on February 8, 2012. This is a 2011 conversion since the funds left the IRA in 2011.
If you missed the 2011 deadline and still want to do a Roth conversion, make sure you do not miss the deadline for 2012. You still have those low income tax rates in effect for 2012 so be sure to take advantage of them.
Content Citation Guidelines
Below is the required verbiage that must be added to any re-branded piece from Ed Slott and Company, LLC or IRA Help, LLC. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Verbiage varies based on where you’re taking the content from.
Please be advised that prior to distributing re-branded content, you must send a proof to email@example.com for approval.
For white papers/other outflow pieces:
Copyright © [year of publication], [Ed Slott and Company, LLC or IRA Help, LLC - depending on what it says on the original piece] Reprinted with permission [Ed Slott and Company, LLC or IRA Help, LLC - depending on what it says on the original piece] takes no responsibility for the current accuracy of this information.
Copyright © [year of publication], Ed Slott and Company, LLC Reprinted with permission Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information.
For Slott Report articles:
Copyright © [year of article], Ed Slott and Company, LLC Reprinted from The Slott Report, [insert date of article], with permission. [Insert article URL] Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.
Please contact Matt Smith at firstname.lastname@example.org or (516) 536-8282 with any questions.