We did a lot of conversions from IRA's to Roth IRA's last year. I about fell over when I did our taxes. And after two weeks of back and forth with our financial advisor, it didn't get any better. The result of poor communication between the two of us.
Sure hope you had prepaid at least the same amount of taxes due from last year or they'll hit you with a penalty on top of it! A lot of people are shocked to find out ever dollar of a regular IRA,401k,457 plan is taxed at full tax rate including capitol gains that are only 15% in a taxable account.
