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Posted by lurker on February 5, 2007, 8:41 pm
Please log in for more thread options Drake wrote:
> On 01/12/2007 I made a maximum allowed contribution to my
> wife's traditional IRA for 2006.
>
> When I received her 2006 W2 (she had a part time job that
> grossed appox 8000 in 2006) found she was covered by a
> retirement plan at work (although she did not contributed)
> and with a 130K AGI (married filling jointly), the 2006
> traditional IRA contribution will not be deductible.
>
> According with pub 590 we are allowed to contribute to a
> Roth IRA (married filling jointly, AGI less than 150K), so,
> I plan to do a recharacterization to a Roth IRA,
> same-trustee transfer, before the filling deadline.
>
> Two questions:
> a) IRA to Roth conversion is not allowed for AGI > 110 K. Is
> this applied to recharacterization too?
> b) According with form 8606 instructions, recharacterization
> (for the same year) before the filling deadline need not to
> be reported, however, according to the same "....you have to
> report it into a statement attached to the return" - since I
> fill my return electronically, how do I "attach the
> statement". ?
What tax program are you using?
The activity will generate a 1099-R.
TaxAct is the only program I know about. When you fill in
the fields for the 1099-R, scroll down and you find some
more questions and check boxes that may be accomplishing the
same thing.
Carl
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