A deadline is approaching for Roth conversions. The deadline is December 31st for anyone who wants to defer taxation on the conversion into 2011 and 2012.
I talk about Roth conversions in much more detail in this article, but in general: the amount of the conversion must be claimed as income on your tax return. For conversions happening in 2010 only, you have the option of claiming all the income in 2010, or deferring recognition to 2011 and 2012.
For conversions happening after the first of the year, the income will have to be recognized in full in the year the conversion takes place.
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