- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Yes, when you moved the pre-tax money from the 401k to the Roth IRA (an after-tax account) then this was a conversion. It seems as if you entered it correctly since you paid taxes on the conversion.
A rollover is when you move money from per-tax account to another pre-tax account (for example 401k to traditional IRA) or from an after-tax to another after-tax account ( for example Roth 401k to a Roth IRA).
A recharacterization of a contribution allows you to treat a regular contribution made to a Roth IRA or to a traditional IRA as having been made to the other type of IRA. For example, if you made a contribution to a Roth IRA but then change your mind before the due date then you can tell your bank that you want this to be a traditional IRA contribution instead of a Roth contribution.
**Mark the post that answers your question by clicking on "Mark as Best Answer"