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L
loufurut
September 28, 2022
Question

Is IRA to ROTH IRA conversion still allowed for tax year 2022?

  • September 28, 2022
  • 1 reply
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    1 reply

    A
    AmitaR
    September 28, 2022

    Yes, you are allowed to convert your Traditional IRA to a ROTH IRA. 

     

    But you may want to analyze depending on your individual situation, tax brackets, amounts, whether you should do it.  

     

    Also, effective January 1, 2018, pursuant to the Tax Cuts and Jobs Act (Pub. L. No. 115-97), a conversion from a traditional IRA, SEP or SIMPLE to a Roth IRA cannot be recharacterized. The new law also prohibits recharacterizing amounts rolled over to a Roth IRA from other retirement plans, such as 401(k) or 403(b) plans.

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