I am single and I am not eligible to contribute to a Roth IRA. I do contribute to a 401K plan. On 12/20/2010, I created a traditional IRA with 5K (post-tax) with the intention of rolling it into a Roth IRA. I have the following questions:
. Do I have to roll it into a Roth IRA before Dec 31st 2010 to avail of the "2010 Roth conversion" provision?
. In subsequent years, can I continue to contribute 5K/yr to my traditional IRA and continue to roll it into the Roth the following day (or is the conversion allowed in 2010 only)
I am assuming there are no tax implications since I am rolling post- tax money almost immediately into the Roth account. Thanks.