Roth Conversion - Spidell

Roth Conversion

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Message Board Roth Conversion

This topic contains 2 replies, has 2 voices, and was last updated by Jerry Lopatin 3 months ago.

  • Author
  • #175258

    If someone over 50 puts $7,000 into an IRA in 2019 and moves it to a Roth IRA 5 days later.  What are the tax consequences?

  • #175408

    This is a blonde joke, right?


  • #175959
    Jerry Lopatin

    Assuming this was a serious question, the answer is (like most tax questions) “it depends.”

    Elements that matter are whether the IRA contribution was after tax or before tax, whether there are balances in other IRA accounts (non-Roth) for the participant, and whether the participant has made prior after-tax contributions that show up on the 8606.

    Do some reasearch on “backdoor Roths.”  You might want to start with