Question: I am thinking about converting my IRA to a Roth IRA this year. When is the last day I can convert the account for 2017?
Answer: The deadline for a 2017 conversion is the end of the calendar year. A common misconception is that the filing deadline is the tax filing deadline (April 15 of the following year, or the extended due date). Not the case.
The distribution needs to be taken in 2017 (so it can be reported in the 1099 for the 2017 year). The sooner you decide to convert your IRA, the better, as it is easy to mess up the conversion by waiting and not giving the custodian ample time to process the claim.
As always, if you have any questions or would like to learn more, please contact Steve Shane at firstname.lastname@example.org or .
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Steve Shane provides strategic counseling to clients in need of estate administration, charitable giving and business continuity planning while minimizing estate, gift, and generation-skipping transfer tax exposure. He offers legal guidance to clients on asset protection and the proper disposition of assets in accordance with the client’s objectives, while employing tax planning techniques such as the use of irrevocable trusts, life insurance planning, lifetime gifts and charitable trust. He is also experienced with drafting documents for business planning, the incorporation and application for exemption for Private Foundations and the administration of decedents’ estates.
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