Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
j_vsmith
New Member

If I'm moving funds from a 403(b) retirement account into a traditional Roth IRA before April 2017, is that considered a traditional IRA contribution?

 
1 Best answer

Accepted Solutions
PaulaM
Expert Alumni

If I'm moving funds from a 403(b) retirement account into a traditional Roth IRA before April 2017, is that considered a traditional IRA contribution?

No such thing as a traditional Roth IRA. You either have a traditional IRA or a Roth IRA. In order for your 403(b) retirement funds to be not taxable, you need to roll them into a Traditional IRA. 

A rollover is not a contribution. You would need to roll over the funds to a traditional IRA, then make a contribution after the rollover, to count as an IRA contribution.

See chart below.

https://www.irs.gov/pub/irs-tege/rollover_chart.pdf 

**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
PaulaM
Expert Alumni

If I'm moving funds from a 403(b) retirement account into a traditional Roth IRA before April 2017, is that considered a traditional IRA contribution?

No such thing as a traditional Roth IRA. You either have a traditional IRA or a Roth IRA. In order for your 403(b) retirement funds to be not taxable, you need to roll them into a Traditional IRA. 

A rollover is not a contribution. You would need to roll over the funds to a traditional IRA, then make a contribution after the rollover, to count as an IRA contribution.

See chart below.

https://www.irs.gov/pub/irs-tege/rollover_chart.pdf 

**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

j_vsmith
New Member

If I'm moving funds from a 403(b) retirement account into a traditional Roth IRA before April 2017, is that considered a traditional IRA contribution?

OK, it's a traditional IRA. What I'm trying to determine is for tax purposes, when funds from a 403b are withdrawn and deposited into a traditional IRA, if that is considered a CONTRIBUTION. If not, what is it called / what do I indicate?
PaulaM
Expert Alumni

If I'm moving funds from a 403(b) retirement account into a traditional Roth IRA before April 2017, is that considered a traditional IRA contribution?

If you take a distribution and later open an IRA, then yes that would be a contribution to an IRA.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
PaulaM
Expert Alumni

If I'm moving funds from a 403(b) retirement account into a traditional Roth IRA before April 2017, is that considered a traditional IRA contribution?

But a trustee-to-trustee rollover of funds would not be a contribution.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v