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Retirement tax questions
It depends. This rollover can be treated as a non deductible contribution to the traditional IRA. If this is the case, you will need to file Form 8606 this year to report the contribution and keep track of the basis so you aren't taxed again if you take distributions in the future.
If you decide not leave your funds in the traditional IRA, you will need to contact your administrator to correct the mistake. If the 60 days rollover period has expired however, you may need to pay taxes on the earnings that accumulated in the account since the rollover.
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‎January 13, 2025
1:07 PM