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posted to Accountants on 12/27/08 06:40 AM, Briarcliff Manor, NY 10510

Question concerns converitng a rollover IRA to a Roth IRA. I recently retired and converted a Self Employed Keogh 401 to a rollover IRA. Now I'm thinking of taking it a step further and converting the Rollover IRA (value approx $200,000, all taxable) to a Roth. I'm 63 and this year (2008) my only income is approx $35,000 from dividend and interest. I also have approx. $20,000 in realized capital gains losses. I am single and probably have about $10,000 in schedule A deductions. I have cash available to pay the taxes on conversion outside of the IRA. Here are my questions: Since the market is down so low (the $200K IRA was worth over $400K in October of 2007), I'm thinking it would be a good idea to make the conversion ASAP. Or perhaps convert 1/2 this year (2008) and 1/2 next year (2009). (I'm assuming I can do this, that I don't have to convert all at once?) Also, I'm wondering if the $20,000K in realized capital losses I have for 2008 (in non-retirement accounts) will help me any in reducing the tax on the converssion to the Roth.

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Specialist Answer 1 of 1

Answered By

Madonna Joseph, 12/29/08 09:59 AM

Madonna Joseph
270 North Ave
New Rochelle, NY 10801
914-633-3500
jmadonnacpa@aol.com

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You can convert part of your rollover IRA in 2008 and the balance in 2009. Regarding the capital loss of $20,000, you can take only $3,000 in 2008 and carrtover the balance to 2009.

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