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Level 1
April 1, 2024
Question

Does a pension rollover into a Roth IRA count as a contribution?

  • April 1, 2024
  • 2 replies
  • 25 views
Following resigning from a government job, we transferred money from the pension we earned to a private Roth IRA account. Do we have to count what we rolled over as a contribution and be taxed on it? We didn't make any withdrawals.

2 replies

VolvoGirl
Level 15
April 1, 2024

No.  A rollover or conversion is not a new contribution.  Only enter it from the 1099R, nowhere else.

VolvoGirl
Level 15
April 1, 2024

Oh but if you put it in a ROTH IRA it will all be taxable now.  You needed to put it in a Traditional IRA.