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Conversion from IRA to Roth IRA?

I am a 401K participant and I opened an IRA for my wife as she is not working. I deducted the amount of IRA from my Taxes. 2 years later IRS denied the deduction and billed me for the taxes which i promptly paid. My question is since i paid the taxes on my IRA amount does it become automatically a Roth IRA . What should i do to fix this so that i do not end up paying taxes again upon withdrawal or conversion to roth.

Dec 12, 2016 by Raj in  |  Flag
1 Answer  |  1 Follower
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You can convert that money into a Roth IRA, but you will have to pay tax on any growth that has occurred since then. I would suggest doing that as soon as possible. I can halp you with the Roth and conversion for no cost. Let me know.

1 Comment   |  Flag   |  Jan 11, 2017
Raj

Thanks a lot. Can you please guide me little bit more on how to do the conversion, do i need to contact the finacial institution holding the IRA account to do the conversion.

Flag |  Jan 11, 2017

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