SoDarnGoodLooking
Dec 16 1998, 02:11 AM
If a conversion is made and the four years elected, if in year 2,3,or 4, a large capital gain occurs and puts me in a very high tax bracket, can I go back and file an amended return for 1998 to pay the entire tax as of that year?
RS Vatalaro
Dec 16 1998, 12:12 PM
It depends on whether the election to spread the conversion income out over four years is irrevocable, which I don't know off the top of my head.
I realize not much help, but something to at least consider.
BPickerCPA
Dec 17 1998, 10:18 PM
The election is IRREVOCABLE.