What is a Traditional IRA to Roth IRA conversion? A Roth conversion is the process of moving funds from a Traditional IRA into a Roth IRA. This can have tax implications, so it's a good idea to consult a tax professional before proceeding.
Is there a deadline to complete a Roth conversion for a given tax year? Yes. To count as a same-year conversion, funds must leave the Traditional IRA by December 31st of the applicable tax year.
Can I do a prior-year Roth conversion? No. Once the December 31st deadline has passed, a prior-year conversion can no longer be completed. Only current tax year conversions are available.
Can you provide tax advice about my conversion? We're not able to offer specific tax advice. For guidance tailored to your situation, we recommend consulting a qualified tax professional.
How do I get started with a current-year conversion? Simply let us know you'd like to move forward and we'll send over everything you need to get the process started.
For further questions please contact the Member Support team via in-app chat or email at support@public.com.