I have a statement that that my SEP IRA was closed and $6K was deposited in a new ROTH IRA last year. Does this qualify for tax write off?

crescinitm · ‎June 6, 2019

IreneS · ‎June 6, 2019

No - this is considered a conversion and does not qualify as an IRA contribution with tax benefits.

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crescinitm · ‎June 6, 2019

Thanks! I guess this means I have to make a deposit to an existing IRA account in the amount of $5,500 to get the tax write off?

IreneS · ‎June 6, 2019

Yes - you're correct!

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crescinitm · ‎June 6, 2019

Thanks for your help. Now I guess I figure out where in the TT page I'm supposed to put it in.

Retirement tax questions