@Opus 17 wrote:
@Critter-3
It’s still technically a rollover, just a special type of rollover also called a conversion. (See, for example, page 4 of the 1099-R instructions. Just a nitpick.)
The IRS pub 590A calls it a "conversion contribution"
Converting From Any Traditional IRA Into a Roth IRA
[quote]
Allowable conversions.
You can withdraw all or part of the assets from a traditional IRA and reinvest them (within 60 days) in a Roth IRA. The amount that you withdraw and timely contribute (convert) to the Roth IRA is called a conversion contribution.
And the 5498 form reports rollovers in box 2 and conversions in box 3.
Box 3. Roth IRA Conversion Amount
Enter the amount converted from a traditional IRA, SEP IRA, or SIMPLE IRA to a Roth IRA during 2021. Do not include a rollover from one Roth IRA to another Roth IRA, or a qualified rollover contribution under section 408A(e) from an eligible retirement plan (other than an IRA) to a Roth IRA. These rollovers are reported in box 2.
So they seem to define a "rollover conversion" from a retirement plan "other than a IRA" which they call a conversion.
So It is probably correct to refer to it either way.
**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.**
