Harry Gross: Time left to save on taxes

Dear Harry: At the urging of my accountant, I converted my $170,000 IRA to a Roth IRA last February. At the time, we estimated that the income-tax bite would be about $45,000. I covered that with estimated tax payments from other resources. Now he tells me it was a mistake, because the value is down to $120,000. He says it can be corrected. Several questions. Was it a mistake? Can this be corrected? Is it worth doing?

Copyright PHILY - Philly.com
Contact Us