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e-ebou
Returning Member

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

 
1 Reply
IreneS
Intuit Alumni

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

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.

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