Roth Conversion without Contribution

[BlD]

Quick question for the experts out there.

I performed an IRA to Roth IRA conversion of value X.

The Wife and I did not contribute to my Roth this year. Currently my AGI is well below the Roth contribution limit with value X included.

Is there some way to capitalize on the fact that I have not contributed? Any way to reduce the pain of the conversion or save money on the taxation? I don't think there's anything I can capitalize on, but, I figured I would ask because I haven't thought of anything.

[macuser_22 · Accepted solution]

The only thing that would reduce the taxable amount of the conversion would be any non-deductible basis that you had in the Traditional IRA.   Lacking that, the entire conversion is taxable.

[BlD]

I assumed as such, I just didn't know if there was something that I just didn't know. Shame I was hoping to be surprised.

Thanks for your time.