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Retirement tax questions
The answer to the question is not saved. It only directs the interview to the next screen. If you repeat the interview you must choose the correct answer again.
If this was a 401(k) and you rolled (converted) it to a Roth IRA then the box 1 amount is taxable income. A 401(k) is before tax money and a Roth IRA is after-tax money so you must pay that tax at the time of the conversion.
A rollover to a Traditional IRA is before-tax money rolled to another before-tax account so it is tax free. You pay the tax when you withdraw from the Traditional IRA.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 6, 2019
2:41 AM