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I converted trad IRAs to Roth IRAs in prior years. I'm trying to report them in TurboTax now. TurboTax is asking if they're taxable or nontaxable, I'm not sure.
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June 3, 2019
4:49 PM
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Retirement tax questions
If you had no basis in nondeductible traditional IRA contributions and did no rollovers to an IRA of after-tax money from a qualified retirement plan like a 401(k), all of your Roth conversions were taxable conversions. If any part of a particular conversion was from basis in nondeductible traditional IRA contributions or from after-tax money in a qualified retirement plan, that part would be a nontaxable conversion.
June 3, 2019
4:49 PM
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Retirement tax questions
They are taxable when you convert them. Roth IRAs are not taxable when you withdrawal them.
June 3, 2019
4:49 PM
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