`
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I have a statement that that my SEP IRA was closed and $6K was deposited in a new ROTH IRA last year. Does this qualify for tax write off?

 
1 Best answer

Accepted Solutions
Highlighted
Level 14

I have a statement that that my SEP IRA was closed and $6K was deposited in a new ROTH IRA last year. Does this qualify for tax write off?

No - this is considered a conversion and does not qualify as an IRA contribution with tax benefits.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

4 Replies
Highlighted
Level 14

I have a statement that that my SEP IRA was closed and $6K was deposited in a new ROTH IRA last year. Does this qualify for tax write off?

No - this is considered a conversion and does not qualify as an IRA contribution with tax benefits.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Highlighted
New Member

I have a statement that that my SEP IRA was closed and $6K was deposited in a new ROTH IRA last year. Does this qualify for tax write off?

Thanks!  I guess this means I have to make a deposit to an existing IRA account in the amount of $5,500 to get the tax write off?
Highlighted
Level 14

I have a statement that that my SEP IRA was closed and $6K was deposited in a new ROTH IRA last year. Does this qualify for tax write off?

Yes - you're correct!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Highlighted
New Member

I have a statement that that my SEP IRA was closed and $6K was deposited in a new ROTH IRA last year. Does this qualify for tax write off?

Thanks for your help.  Now I guess I figure out where in the TT page I'm supposed to put it in.