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Retirement tax questions
OK. So, the answer is no, my IRA was not a qualified distribution.
I was very confused. TT seems to have already known I owe taxes on the conversion based on my other input. But, I did not understand what a qualified IRA was and that it is usually in relation to an employer-based IRA. I went back and changed it in TT, but it doesn't seem to have made a difference since I was already paying taxes on it on form 1040.
I am glad to know about this, though, because I have inherited my spouse's 401(K) which includes some ROTH stuff. I guess I need to see how I will need to treat it when I withdraw or convert it.
The link to the IRS site about "Retirement topics - Designated Roth account" was also helpful. Thanks.
March 31, 2025
11:33 PM