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New Member
posted Apr 10, 2019 9:09:36 PM

Roth Conversion without Contribution

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.

 

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1 Best answer
Level 15
Apr 10, 2019 9:57:44 PM

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.

2 Replies
Level 15
Apr 10, 2019 9:57:44 PM

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.

New Member
Apr 10, 2019 10:10:21 PM

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.