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Retirement tax questions
@timw657 wrote:
I read from IRS webpages that paying the taxes due on a covid related distribution may be ratably distributed over a period of 3 years. What about that does not apply to my question?
Because *you* are not keeping the money, it was put into another retirement account that is a "rollover *conversion*" that the law did not include as the type of plan that it could be rolled into.
Nothing prevent you from making the conversion but the tax is due in the year of the conversion.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
March 4, 2021
7:43 PM