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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (683)2/28/1998 8:40:00 PM
From: Investor2  Read Replies (1) of 5810
 
Question about 1997 IRA Contribution

I'm planning to make a $4,000 IRA contribution ($2,000 each for me and spouse) for the 1997 tax year. I'm not covered by a retirement plan at work this year, so I could contribute to a "deductible" IRA.

The following strategy was suggested to me:

1. Contribute the entire 1997 amount to a non-deductible IRA.
2. The next day, convert the non-deductible IRA to a Roth IRA.

What are your thoughts on this strategy?

Thanks,

I2
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