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."
You can convert in 2023. Doesn’t really matter
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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You’re too late to have it processed. Weekends and all that
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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?
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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But call them and beg - this is just a journal entry, essentially. Schwab might do it (so vanguard might too)
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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Correct. Other commenter doesn't understand taxes / tax planning very well
It's down for year end processing.
You should have done all of that a week or more ago.
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