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EDUCATION CENTER
INTERACTIVE: GTT MESSAGE BOARD
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Retirement Plans
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Joe
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stranger
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Reged: 01/12/10
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Posts: 1
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Roth IRA Conversions
#719 - 01/26/10 11:16 AM
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Can someone with Trader Status perform a Roth IRA conversion in a year that they have no earned income? Do they have to have earned income?
More to the point... Can I convert a Traditional IRA to a Roth IRA to generate taxable income? Wouldn’t this “taxable income” then be available to effectively soak up (offset) any potential net losses (from Schedule C)?
Thanks.
-Joe
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Re: Roth IRA Conversions
#721 - 02/05/10 09:55 AM
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You don't need earned income to convert to a Roth IRA, but you do need earned income to contribute to a retirement plan.
Anyone can do a Roth IRA conversion starting in 2010 with the income threshold repealed. It's a good strategy to soak up taxable losses.
I cover the Roth IRA strategies in full in Green's 2010 Trader Tax Guide.
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Robert A. Green, CPA & CEO
GreenTraderTax.com
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