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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (293)	12/21/1997 1:21:00 PM
From: Gary	Read Replies (1) \| Respond to of 5810

Colin Don't know for sure as IRS and Congress did not address this. Probably has to revert back to a regular IRA, with some penalties assessed. I have this problem myself as I would like to convert about 1/2 my IRAs and have been accelerating income and delaying payment of bills for about one month (will do the opposite next year). No way to know where it will fall as I don't totally control my income and have no intention to pass on any opportunities that might arise. It's a crap shoot. I am probably going to wait until late in the year before doing anything. One thing that can be done now is to make a non-deductible contribution to an IRA for 1997 (can be done as late as 4/15/98) which can be rolled over to a Roth IRA (same inocme limitations) without paying the tax. Just a way to get a few extra grand in. Sure wish I could read the future. But then, who would care about this type of thing or even taxes for that matter. Gary