Roth IRA Conversion

Oversight group says Roth IRA conversion reviews need improvement. The IRS must strengthen how it handles potential noncompliance for Roth IRA conversions, the Treasury Inspector General for Tax Administration (TIGTA) said. The IRS allows some individuals to convert to traditional IRAs if they pay tax on the conversion. TIGTA found that an automated program that matches third-party reported amounts to tax returns in order to find potential discrepancies failed in 13% of cases. The report is at http://bit.ly/2cHReVU.