Vanguard Down on Last Day of the Year?

Submitted by simplyjenjen t3_zzv386 in personalfinance

I'm on the last step of converting a traditional IRA -> Roth Ira and I know today is the last day. When I go on the website and put in a submission, it says Vanguard system is down?

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"This transaction can't be completed because our system is unavailable at this time. Please try again later or contact us at 800-992-8327."

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Werewolfdad t1_j2ecz9q wrote

You can convert in 2023. Doesn’t really matter

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simplyjenjen OP t1_j2ed4g3 wrote

But I would want this conversion to count for tax year 2022. If I convert in 1/1/2023, it counts towards tax year 2023

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Werewolfdad t1_j2edl1q wrote

You’re too late to have it processed. Weekends and all that

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BetterFuture22 t1_j2eg0dj wrote

But call them and beg - this is just a journal entry, essentially. Schwab might do it (so vanguard might too)

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InkognytoK t1_j2f9r73 wrote

It's down for year end processing.

You should have done all of that a week or more ago.

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[deleted] t1_j2ed8av wrote

[deleted]

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simplyjenjen OP t1_j2ee8zl wrote

What do you mean when you say "there's no deadline at all"? Isn't there a deadline if I want it to count for tax year 2022?

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BetterFuture22 t1_j2ega9v wrote

Yes, you're correct. The taxes owed on the conversion will fall in the year of conversion - not sure how people aren't seeing this

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KReddit934 t1_j2eeebk wrote

Why no impact? The extra income being taxed to 2022 could be very different than being taxed to 2023 if you were trying to stay within a bracket, no?

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BetterFuture22 t1_j2egfd5 wrote

Correct. Other commenter doesn't understand taxes / tax planning very well

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