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If I'm moving funds from a 403(b) retirement account into a traditional Roth IRA before April 2017, is that considered a traditional IRA contribution?
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June 4, 2019
1:56 PM
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Retirement tax questions
No such thing as a traditional Roth IRA. You either have a traditional IRA or a Roth IRA. In order for your 403(b) retirement funds to be not taxable, you need to roll them into a Traditional IRA.
A rollover is not a contribution. You would need to roll over the funds to a traditional IRA, then make a contribution after the rollover, to count as an IRA contribution.
See chart below.
https://www.irs.gov/pub/irs-tege/rollover_chart.pdf
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June 4, 2019
1:56 PM
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Retirement tax questions
OK, it's a traditional IRA. What I'm trying to determine is for tax purposes, when funds from a 403b are withdrawn and deposited into a traditional IRA, if that is considered a CONTRIBUTION. If not, what is it called / what do I indicate?
June 4, 2019
1:56 PM
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Retirement tax questions
If you take a distribution and later open an IRA, then yes that would be a contribution to an IRA.
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June 4, 2019
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Retirement tax questions
But a trustee-to-trustee rollover of funds would not be a contribution.
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June 4, 2019
1:56 PM