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Question

Roth IRA rollovers

Forum|Forum|2 years ago
April 18, 2024
1 reply
0 views

Can I roll the funds from a traditional IRA into an existing Roth IRA(an account that has contributions from prior years)?

Employee

Yes. But if the IRA fund are tax-deductible (you deducted them when you made the contributions) then the rollover is also a Roth conversion, and you will owe income tax on the converted amount. Even if part of the contribution was non-deductible (and tracked on form 8606) that means that portion of the conversion will be non-taxable but the rest is taxed. (There is no penalty for early withdrawal, just income tax on the conversion.)