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Retirement tax questions
You made no Roth IRA contribution. You did a Roth conversion, $1,000 of which was nontaxable and $100 of which was taxable.
If you have no other money in Roth IRAs, the first $100 that you take out before 2028 will be subject to a 10% early-distribution penalty if you are under age 59½ at the time, but no income tax. The remaining $1,000 will come out second with no tax or penalty.
Read IRS Pub 590-B.
March 19, 2024
6:44 PM