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A taxpayer converts a Traditional IRA to a Roth IRA and
A taxpayer converts a Traditional IRA to a Roth IRA and receives a 1099R for 68,333. Her basis in the Traditional IRA is 58,500. None of the 58,500 was deducted on her return as she participated in a … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
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I am trying to move about $125k from a traditional IRA that
I am trying to move about $125k from a traditional IRA that is 100% deductible/post tax to a 401k. The plan was to then make a $5,500 non-deductible (after tax) contribution to a Traditional IRA, and … read more
taxmanrog
taxmanrog
Master's Degree
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I contributed a total of $5,496 ($458 per month) to a
I contributed a total of $5,496 ($458 per month) to a non-deductible IRA during 2016. My income is too high to make contributions to a deductible IRA or a ROTH IRA. My financial advisor made a $7,000 … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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Hi, I have a question regarding IRAs. I opened an IRA Traditional
Hi, I have a question regarding IRAs. I opened an IRA Traditional account earlier this year contributing $11,000, $5500 for 2013 and $5500 for 2014. When I opened the account, I opened it up as a Trad… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I took a distribution from a traditional IRA in 2013 and then
I took a distribution from a traditional IRA in 2013 and then converted that amount to a Roth. Do I have a "basis" in the Roth conversion, and if so, do I enter zero or the full amount that I converte… read more
Lev
Lev
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A taxpayer directly rolls Traditional IRA funds that were not
A taxpayer directly rolls Traditional IRA funds that were not deducted on his tax return into a ROTH IRA. Is this rollover taxable?… read more
Phillip Bell, EA
Phillip Bell, EA
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Please clarify something for me I left previous employer
Please clarify something for me I left previous employer 3 years ago....rolled over my 401k as follows: 1 - $350,000 in pre-tax contributions and employer vested contributions to Rollover IRA #1 2 - $… read more
Lev
Lev
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I did a traditional to Roth IRA conversion in 2009. On 1/14/10
I did a traditional to Roth IRA conversion in 2009. On 1/14/10 I made a conversion involving the same accounts for 2010. 2 days later I recharacterized the 2009 conversion. Is my 2010 conversion a "fa… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I borrowed money from my Roth IRA. $4161.41 according to my
I borrowed money from my Roth IRA. $4161.41 according to my 1099-R. In box 2B on the 1099-R it is checked and in total distribution it is also checked. I still have money in my Roth, I did not take it… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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I converted my Old Mutual Annuities from IRA to Roth IRA. These
I converted my Old Mutual Annuities from IRA to Roth IRA. These IRA distributions will be reported as income for year 2011 and 2012. I wonder if I can use part of the distributions to donate to my fav… read more
Bill
Bill
Master's Degree
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I am 64 years old. I am retired and have current taxable income
I am 64 years old. I am retired and have current taxable income of about $68,000 per year. I have a total of $203,000 in 6 separate Traditional IRA CD's; the CD's have maturity dates over the next 3 y… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I am converting a Traditional IRA to a Roth IRA. I have funded
I am converting a Traditional IRA to a Roth IRA. I have funded my Traditional IRA with post taxed funds for the most part. Although the Traditional IRA is only worth $21,900 today, over the years I co… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I want to know the tax treatment for converting 1. Traditionl
I want to know the tax treatment for converting: 1. Traditionl IRA with non-deductible and deductible contribution 2. Rollover IRA established in 2007 from After Tax Contribution of 401 K with in serv… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have approximately $270,000 in an traditional IRA account
I have approximately $270,000 in an traditional IRA account and would like to know if I would be better off converting it to a Roth Ira? My only income now is Social Security, with my wife's SS is abo… read more
Merlo
Merlo
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558 satisfied customers
I am current looking into the possibility of converting a Traditional
I am current looking into the possibility of converting a Traditional IRA into a Roth IRA. Most of my contributions to the traditional IRA were after-tax contributions. Are the earnings subject to tax… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I had 2 small traditional IRAS, with a total cost basis of
I had 2 small traditional IRA'S, with a total cost basis of $1729.12, converted to a roth IRA In 2009. the market value at the time of conversion was 1275.93, a difference of $453.19. I received a 109… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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My income is low this year(2009) and I am considering pulling
My income is low this year(2009) and I am considering pulling $40,000 from my Traditional IRA paying the tax on it and put all into a Roth IRA. Do the tax rules allow? JIm… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,730 satisfied customers
I converted a traditional IRA to a Roth. I have a carryover
I converted a traditional IRA to a Roth. I have a carryover basis. Do I subtract that amount from the total amount converted?… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
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