You didn't indicate that the SEP IRA was a ROTH, so I expect that it was NOT.
- In that case, all contributions you made to the SEP were originally tax deferred . You didn't pay any initial taxes on it.
- When you converted to a
- ROTH IRA the total amount became taxable.
- The ROTH IRA can grow, and when you make withdrawals, there will be no tax.
- If you put it in a Traditional IRA
- it would not have been taxed now.
- However, the full amount would be taxed when you withdraw it.
We'd love to help you complete your tax return, but need more information. Can you please clarify your question?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
