Convert traditional IRA deadline

Forum|Forum|2 years ago
December 29, 2023
2 replies
32 views

When do I need to convert my Traditional IRAs to Roth by 12/31 or can it wait until next year by April 15 so I know my final taxable income and then make any adjustments

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Mike9241

Level 15

The tax is due in the tax year you make the conversion (when it's completed - funds transferred from IRA to ROTH). It's late in 2023 so if you tried to do it before the end of 2023 it might not be completed and hence taxable until 2024. Check with the IRA custodian. There is no requirement to convert 100% of your IRAs to ROTHs in one year. It's all about tax brackets so spreading the conversion out over 2 or more years may save you some tax $s.

Mike9241

Hal_Al

Level 15

Q. When do I need to convert my Traditional IRAs to Roth, for it to count as a 2023 conversion?

A. By 12/31/23.

Q. Cn it wait until next year by April 15 so I know my final taxable income and then make any adjustments?

A. No. 2023 contributions to an IRA can wait until April 15 of the following year (2024) to count for 2023. But, that is not true for CONVERSIONS. Conversions must be completed by 12/31/23.