Hi,
I am a U.S. citizen living in Argentina as a permanent resident, with my wife (dual U.S./Argentinean citizen) and my son (dual as well). Almost all of my income qualifies for the Foreign earned income exclusion. I have about $20,000 in a traditional IRA that I contributed to prior to the move. My question: If I convert this to a Roth IRA, how can I calculate how much penalty I'll have to pay? I suspect that if I convert less than the standard deduction amount on my tax return, that I won't have to pay anything, but perhaps I'm missing something. I googled for a little while, but couldn't find how to calculate this. Maybe i should have just gone directly to IRS website and read the tax code.
Thanks,
Jason
2007-12-08
21:38:09
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5 answers
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asked by
jasonphos
3
in
United States