[GNC] Roth IRA conversion

[Michael or Penny Novack]

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