Things You'll Need:
- A nondeducible IRA
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Step 1
Find the statement for your nondeductible IRA. You will need to find the contact information for the company holding the IRA assets. Typically your statement will show you corporate contact information and the contact information for your adviser.
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Step 2
Contact the corporate customer service department. You will typically want to do this by phone as the customer service representative will want to verify your identity. After establishing your identity and account information, ask to be sent Roth-conversion paperwork. They will typically get you this paperwork in a couple of business days.
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Step 3
Complete the paperwork. When you receive the paperwork, complete it as a current year conversion. Make a copy for your records and then return the original to the investment company.
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Step 4
Enjoy your tax-free retirement withdrawals. Now that your IRA is a Roth IRA, you will be able to access all gains in the account income-tax-free after age 59 1/2. Remember, that accessing any IRA before age 59 1/2 will incur a 10 percent IRS penalty.
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Step 5
Look for other Roth conversion opportunities. If you have traditional IRAs, you can also convert them to Roth IRAs with no income limits starting in 2010. Remember you will owe taxes for the current year on these funds but all growth going forward will be tax free.
