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Roth Conversion without Contribution

Forum|Forum|6 years ago
April 11, 2019
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Quick question for the experts out there.

I performed an IRA to Roth IRA conversion of value X.

The Wife and I did not contribute to my Roth this year. Currently my AGI is well below the Roth contribution limit with value X included.

Is there some way to capitalize on the fact that I have not contributed? Any way to reduce the pain of the conversion or save money on the taxation? I don't think there's anything I can capitalize on, but, I figured I would ask because I haven't thought of anything.

Best answer by macuser_22

The only thing that would reduce the taxable amount of the conversion would be any non-deductible basis that you had in the Traditional IRA. Lacking that, the entire conversion is taxable.

macuser_22Answer

The only thing that would reduce the taxable amount of the conversion would be any non-deductible basis that you had in the Traditional IRA. Lacking that, the entire conversion is taxable.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**