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Submitted By: someone
Answered: November 19, 2018 10:18 pm
Answered: November 19, 2018 10:18 pm
I made a Roth IRA conversion in 2018. Can I income average for this?
No. Income averaging is limited to certain lump-sum distributions from qualified retirement plans. There is no income averaging for IRA distributions or income resulting from a Roth IRA conversion.
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Tax Glossary
Capital loss carryover
A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.
