- Joined
- Feb 2, 2013
- Messages
- 3
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- 2
Hi,
I need help with converting my traditional IRA to Roth. I opened a traditional ira then realizing at the end of the year that I don't qualify for traditional. My broker asked me if I want to do a recharacterize or just converting to a roth? Currently, my IRA is about $-500 in the red. It's contribution that I made 2016,2017,2018 that needed to be convert.
Please advise on what is the best route to take. I did not get any taxes deductible for these three contributions. Please shed some light on the best course of action in regard to dealing with tax. Any advice is greatly appreciated.
I need help with converting my traditional IRA to Roth. I opened a traditional ira then realizing at the end of the year that I don't qualify for traditional. My broker asked me if I want to do a recharacterize or just converting to a roth? Currently, my IRA is about $-500 in the red. It's contribution that I made 2016,2017,2018 that needed to be convert.
Please advise on what is the best route to take. I did not get any taxes deductible for these three contributions. Please shed some light on the best course of action in regard to dealing with tax. Any advice is greatly appreciated.