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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (1978)3/14/1999 7:43:00 PM
From: Stu E.  Read Replies (2) of 5810
 
Colin, I have a Roth IRA conversion tax strategy question that I hope you or some other knowledgeable poster can answer. My son converted his regular IRA to a Roth IRA last year. The IRS rules allow him to spread over four years the taxable income from the distribution. If he chooses to only add 25% of the distribution total to his 1998 income, must he then add the remaining 75% equally during the next 3 tax years? Or does he have some discretion over how he accounts for the remaining taxable income from the distribution as long as he accounts for at least 25% of the distribution in 1999? For example he may want to account for the entire distribution balance this year.

Is there any guidance from the IRS on this issue?

Thank you in advance for your help.
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