Johnathan895
I 'd inadvertently put my after taxed money into a regular IRA account w/ you. Now I am converting the fund in this account to a Roth IRA and consolidate it into an existing Roth IRA account that I already have w/ you.
Please help. You can email me your response or call me at your convenient at 714 468 4187.
Thanks,
Nghia
1 Answer
Chiangmai
If you inadvertently contributed after-tax money into the IRA in 2010 or 2011, just go to your broker or bank and have the contribution amended to be Roth contribution instead.
Otherwise, you may do the following: Amend your tax returns to show the contribution to be made to Roth IRA instead, or you can do the conversion from your IRA to your Roth IRA for this tax year, making certain that your tax bill will increase due to the fact that taxes are recognized the year of the conversion.
footnote: you may be able to change back to an IRA again if you've found that it isn't what you wanted to do in the first place (there is a time limit to do this). The change from a Roth back to an IRA is called a recharacteriztion which must be done within a few months after the conversion.
| 12 years ago. Rating: 1 | |
