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Non-Tech : Waterhouse Securities
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To: John M. Hammer who wrote (262)1/24/1998 1:18:00 PM
From: Thean  Read Replies (1) of 2076
 
John, a question on regular IRA to Roth IRA conversion. How does one calculate the taxable earning? For example, I contributed a total of $8000 in the last 4 years in my regular IRA account. The net balance on my account currently is $10000. Do I owe $2000 of taxable earning when I convert? If so, is it correct that I can split this $2000 of taxable income into four parts and only pay tax on $500 this year, and another $500 tax next year and so forth. Where on 1040 do I put this additional $500 of taxable income due to this conversion?

Want to share a little learning with people using WebBroker. One can place short trades on the WebBroker but CANNOT cover. One has to call the branch to cover the short position. I made the mistake of placing buy order thinking I would cover the short. NO. I'm still working with them to do the proper adjustment. I hope they can credit me the double margin interest charged since the date I "covered".
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