[GNC] Roth IRA conversion

[David T.]

Yes. I saw that right after I sent my reply. I'm sorry. It was a case of my seeing what was in my own head at the moment. 

⁣David T. ​

On Dec 20, 2022, 1:53 AM, at 1:53 AM, Michael or Penny Novack <stepbystepfarm at comcast.net> wrote:
>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