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IRAs and Roth IRAs
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Roth conversion for Married filing jointly

If my husband and I are married-filing jointly, but we only want to convert my IRAs to Roth, will we be taxed based on the basis of the total in both of our IRAs?

Zip Code: 87501

Re: Roth conversion for Married filing jointly

For the Roth conversion, you'll need to report the inccome based on the pre-tax dollars within your IRA and other retirement accounts that are converted. Since only you will be converting your IRA, the balance in your husband's IRA is not relevant to this part of the calculation.

You will then add the income from the Roth conversion onto your 2010 tax return, or split the income and report half on your 2011 return and the other half on your 2012 return. Assuming you'll be filing a joint tax return, the tax on the conversion will be reported on both your returns.

For more info on how this calculation works, check out the Form 8606 at www.irs.gov. (http://www.irs.gov/pub/irs-pdf/f8606.pdf)

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Zip Code: 01801