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Rollover tax question

rollover  not taxed
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4 Replies
rjs
Level 15
Level 15

Rollover tax question

What is your question about a rollover? This is a message forum, not live chat. You have to post all the details of your question and wait for someone to respond.


What kind of rollover are you asking about? Is it a rollover from one retirement account to another? Did you already do the rollover, or are you planning to do it? Did you get a Form 1099-R for the rollover? If so, what is the distribution code in box 7 of the 1099-R? What kind of account did the rollover come from? What kind of account did the rollover go into? Be specific about the types of accounts. There are many different types of retirement accounts, often with similar names. Was the money transferred directly from one account to the other, or did you get a check made out to you from the old account, and then deposit it in the new account?


Do not post any personal information or contact information. This is a public web site.

 

Rollover tax question

Previous employer's   Empower Non Roth IRA  had rollover to a   Fidelity Roth IRA and was not taxed. How to pay taxes?

Another question: if I move now from Fidelity Roth IRA to Traditional Ira I still need to pay taxes?  Thank you.

Rollover tax question

Rollover tax question

So you rolled a non roth IRA  to a ROTH IRA and no taxes were withheld correct ?

 

If  so you will pay the taxes on the return when you file it ... if you will owe $1000 or more you may want to pay  an estimated payment now or  increase your withholding from another source like your paycheck to avoid an underpayment penalty.

 

 

The following is the general rule:

 

You must pay estimated tax for 2021 if both of the following apply.

  1. You expect to owe at least $1,000 in tax for 2021 after subtracting your withholding and tax credits.
  2. You expect your withholding and tax credits to be less than the smaller of: 
    1. 90% of the tax to be shown on your 2021 tax return, or
    2. 100% of the tax shown on your 2020 tax return. Your 2020 tax return must cover all 12 months.

 

Note: If your AGI for 2020 was more than $150,000 ($75,000 if your filing status for 2021 is married filing a separate return), substitute 110% for 100% in (2b)

 

 

 

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