Does a pension rollover into a Roth IRA count as a contribution?
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.
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2 Replies
VolvoGirl
Level 15
Apr 1, 2024 3:57:58 PM
No. A rollover or conversion is not a new contribution. Only enter it from the 1099R, nowhere else.
VolvoGirl
Level 15
Apr 1, 2024 4:00:07 PM
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.