How to contribute using money from IRA to Roth IRA
A few years ago, I left an Organization that I was participating in their retirement 401k. When I left, I took my money and invested it by myself in an etrade 401k so I did not have to pay the expenses for participating as an ex-employee. After investing for a few years, the original money that I invested was $80K and now it is $190K after 8 years of investing.
I did a similar thing for my wife also and her original money that I invested after she left her old employer
(was $70K and now it is worth 190K).
We both have etrade Roth IRA account and would like to move some of that money from the 401k account into the Roth IRA account. Turbo Tax is saying that my wife can contribute $4400 into an IRA and I can contribute $5700 for 2022 Tax Year. (I have contributed $1300 and she contributed $2600 into our Roth IRA respectively into Roth etrade accounts this tax year.
My question is that, I would like to contribute the “$4400 for my wife and the $5700” for myself from our IRA account into the Roth IRA account .
I do have and participate in a Retirement at work but my wife has not had a work retirement plan for about 10 years. So I am looking at ways to Maximize her Roth IRA account.
How do I go about doing that in Turbo Tax? What will be the TAX IMPLICATION if any for next Year? Is it possible to do?
Please advice your humble – Turbo Tax user
