Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 14, 2021 10:48:17 AM

I had a very small IRA. That was substantially increased when I inherited my spouse's IRA. I rolled over a majority of that to a ROTH IRA. Is the rollover taxable ?

I paid an estimated tax for 2020, based on the rollover.

0 1 197
1 Replies
Expert Alumni
May 14, 2021 11:05:19 AM

Yes, if it was a traditional IRA rolled over to a Roth it would be taxable.

 

You can convert all or part of the money in a traditional IRA into a Roth IRA. ... You will owe taxes on the money you convert, but you'll be able to take tax-free withdrawals from the Roth IRA in the future.