Traditional IRA Conversion

[Brian EA]

Does anyone remember thr first year the law was passed that allowed $100,000 from a traditional IRA to be converted to a Roth?
My client converted his traditional IRA to the Roth and had it taxed using the 4-year option. He lost everything and decided to claim his loss as an itemized deduction subjected to the 2%.
He needs to know his basis..Most of the brokerage houses are not in business

thanks
brian.

[New York Enrolled Agent]

I believe the 4 year conversion was effective starting with tax year 1998.

[dsi]

Brian, you need to review his tax returns for the four years the conversion took place. What ever he paid taxes on would be his basis.

[DonPriebe]

Brian, you need to review his tax returns for the four years the conversion took place. What ever he paid taxes on would be his basis.

Plus any basis he had in the original IRA due to non-deductible contributions.

[DixieEA]

1998

I agree with New York EA, I am pretty sure it was 1998.

DixieEA

[Brian EA]

Thanks Guys
brian