On 12/19/2022 2:49 PM, David T. wrote:
Michael,
While I fully respect your answer, with over 45 million IRA accounts
in the US (according to one source I found online), this is a pretty
common circumstance. It should be possible for basic guidance to be
given by *someone*, without all 45 million consulting an accountant. I
personally don't know the answer.
The question was not about basic IRA accounting (or 401k accounting,
which was your example)
Usually people choose regular IRA or Roth IRA depending on whether they
wanted to pay the income tax now (contribution time) or later
(distribution time). So it is NOT "all the people with IRAs" but only
"those few whose changed circumstances mean they now want Roth rather
than regular". << this is one of the few "changed your mind" that the
IRS allows >>
For example, I might want to do this if I had regular IRAs and a huge
loss of some kind that could be used to offset the imputed income of the
conversion to Roth.
Michael D Novack
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