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New Member
posted Apr 18, 2024 1:12:43 PM

Roth IRA rollovers

Can I roll the funds from a traditional IRA into an existing Roth IRA(an account that has contributions from prior years)?

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1 Replies
Level 15
Apr 18, 2024 2:21:49 PM

Yes.  But if the IRA fund are tax-deductible (you deducted them when you made the contributions) then the rollover is also a Roth conversion, and you will owe income tax on the converted amount.  Even if part of the contribution was non-deductible (and tracked on form 8606) that means that portion of the conversion will be non-taxable but the rest is taxed.  (There is no penalty for early withdrawal, just income tax on the conversion.)