Marsha would like to convert her Traditional IRA into a Roth IRA. She has come to you for advice. Which of the following is not a true statement.

1. Marsha generally must include the total value of the conversion amount as taxable income
2. By executing a conversion, the owner of the Traditional IRA must be willing to pay the taxes due from non IRA funds or else a 10% penalty may apply for owners under 59 1/2 years old.
3. After converting to a Roth IRA, the client will not be able to recharacterize the conversion
4. Traditional IRA owners may not convert if their Adjusted Gross Income exceeds $139,000 for a single taxpayer in 2020

1)

2)

3)

4)