Here's the whole thing:
Quick question for you regarding Traditional vs. Roth IRA's.... My wife is 52 and I am 53. We had before the stock market crash approximately $125,000 of mutual funds in traditional IRA's which obviously are worth significantly less now. We expect future income tax rates to increase dramatically between now and the time we retire. Our business income is way down this year due to the rotten economy. Does it make any sense for us to convert our traditional IRA's to Roth IRA's given this scenario? Is it advantageous to pay income tax now for the benefit of not paying income taxes following our retirement? If this makes any kind of sense, does the roll over have to be done by 12/31/08 for the 2008 income tax return?
On Sat, Dec 6, 2008 at 12:01 PM, Arnold M. Socol <waymeans@verizon.net> wrote:
Bob, give us more info when you have it.Sent: 12/06/2008 10:22 AMSubject: [taxchat] Roll over questionMy client has an IRA that has tanked badly. They want to know if they have to roll it over before 12/31/08 in order for it to be an 08 rollover. I've got limited knowledge here. Can they wait and do it before they file? I believe they have to roll over before 12/31/08 but can change their mind and revert back before filing.
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Robert Lukey EA CPAArnie Socol
President
Ways & Means, Inc.
845-562-6070
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