Would I need to limit the amount of the conversion, so I could be claimed my mother. Would we both need to file
You can convert (but not contribute) any time, but it is taxable. For Federal, your Mom can still claim you if your total income is less than $4,050 assuming the other dependent requirements are met. State taxes may be different.
Your situation may be different if you are a full time college student under age 24 at 12/31/2017.
You can convert (but not contribute) any time, but it is taxable. For Federal, your Mom can still claim you if your total income is less than $4,050 assuming the other dependent requirements are met. State taxes may be different.
Your situation may be different if you are a full time college student under age 24 at 12/31/2017.
Three years ago, you asked about a dependent of your own. Is that still the case? You cannot be Mom's dependent and still claim your own dependent.
I don't remember asking about my dependent. I have no dependents. I am my parent's dependent.
If I convert the 4050, would I need to file or would mom just file with me as dependent
Do you have any other type of 2017 income, such as unemployment comp? What is you resident state?
<a rel="nofollow" target="_blank" href="http://www.revenue.state.il.us/Individuals/FilingRequirements/">http://www.revenue.state.il.us/Individuals/FilingRequirements/</a>
<a rel="nofollow" target="_blank" href="http://www.revenue.state.il.us/QuestionsAndAnswers/851.htm">http://www.revenue.state.il.us/QuestionsAndAnswers/851.htm</a>
If you want to be your mom's dependent, you cannot convert more than $4049.
if I do the conversion and then my mother claims me as a dependent, do I still need to file my own taxes as well as be claimed on hers