I rolled over a retirement savings account to an IRA and the amount is being included as income. Is that correct?

Forum|Forum|7 years ago
June 1, 2019
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Irene2805

Level 15

Yes - if you rolled it over to a Roth IRA. No - if you rolled it over to a Traditional IRA.

Both the retirement savings account and the traditional IRA are funded with pre-tax dollars. There is no tax impact when rolling over funds from one to the other.

Roth IRAs, however, are funded with after-tax dollars. So when funds are rolled into a Roth IRA from a non-Roth product, taxes are incurred.

I rolled over a retirement savings account to an IRA and the amount is being included as income. Is that correct?

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