bryyan
Dec 9 1998, 01:06 PM
If I convert a regular IRA to a Roth IRA, my AGI will increase. I know that the Roth conversion amount is not included in AGI for purposes of determining whether I'm eligible to do the conversion, but will my AGI increase for purposes of determining my medical expense deduction, taxable social security, misc. itemized deductions, child credit, ability to treat the firs $25K of passive real estate losses as active etc?
I'd check the 1040 Form to be sure, I think the answer is Yes to all of your questions.
BPickerCPA
Dec 9 1998, 07:51 PM
The answer is definitely YES to all of your questions.
cfiverson
Dec 10 1998, 12:14 PM
Just realizing the complications in this one. Losing child credit, dependent care credit, and possibly facing AMT, all triggered by Roth conversion, is giving me cold feet. Anybody aware of a reasonable way to do some estimates before I make a final decision about the amount of my conversion (i.e. do I do it all or not). As of yesterday, the IRS had not yet released the forms and people I've talked to are unclear exactly how the numbers will run through the forms.
callslamput
Dec 14 1998, 12:12 AM
Maybe the tax forms arn't released yet, but TurboTax Deluxe software gave me a good idea how different conversions would affect child & college student credits.
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