If you've converted or are planning to convert a Traditional or Rollover IRA to a Roth IRA, be sure to get all the paperwork right.

With income limits for Roth conversions eliminated last year, the number of Roth conversions jumped. And that has led to some oversights involving tax and beneficiary forms, says Ed Slott, a certified public accountant in Rockville Centre, N.Y., and founder of IRAhelp.com.

Investors must fill out Internal Revenue Service Form 8606, "Nondeductible IRAs," and submit the form with income-tax returns for the year the conversion was made. (The form is available from your bank, broker or at www.irs.gov.)

You must submit Form 8606 even if you opt to delay reporting the conversion tax.

Under a special provision, those who converted to a Roth last year can choose to either report the full taxable income on the conversion on their 2010 taxes or report just the conversion in 2010 and spread the taxable income evenly over tax years 2011 and 2012.

Courtesy of WSJ.com