Skip to main content
March 24, 2024
Question

Traditional IRA to ROTH IRA

  • March 24, 2024
  • 1 reply
  • 0 views

Hello, 

My financial advisor advised us and opened a Traditional IRA for us.   The money deposited into the Traditional IRA was after tax money. Can the Traditional IRA be converted to a Roth IRA because we paid taxes on the money ? 

    1 reply

    AmyC
    March 26, 2024

    Yes. You need to file the contribution to the traditional IRA and the form 8606 showing your basis in the IRA. Then, when you convert to the ROTH IRA, only the earnings will be taxable..

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"