- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@giraffe223 ROTH IRA contributions are fully taxable and are not tax exempt. They grow tax free and upon withdrawal there is no tax on the RMD. Verses a Traditional IRA which for Federal Purposes the contribution is tax exempt, it will grow tax free but, your distributions will be fully taxable in the future.
I am confused about your basis question. There should be no basis in the traditional IRA as you transferred it to a 401k.
You can transfer a 401(k) to an IRA and later move those funds into a new employer’s 401(k) (a reverse rollover)
This process is generally tax-free if done directly through custodian-to-custodian transfers. You can only move pre-tax money back into a traditional 401k
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
3 weeks ago