topic I have earned income in 2024. Can I withdraw ($8K) from my traditional IRA and move it to my Roth as my allowable contribution (allowing me to avoid tax). in Retirement tax questions

I have earned income in 2024. Can I withdraw ($8K) from my traditional IRA and move it to my Roth as my allowable contribution (allowing me to avoid tax).

rtbrgy — Tue, 03 Feb 2026 06:56:59 GMT

Re: I have earned income in 2024. Can I withdraw ($8K) from my traditional IRA and move it to my Roth as my allowable contribution (allowing me to avoid tax).

Opus 17 — Wed, 08 Jan 2025 02:58:55 GMT

Yes, but that does not avoid tax. If you make a regular withdrawal from the IRA, it is subject to regular income tax plus a 10% penalty if you are under age 59-1/2.

You can do a conversion (rollover) from the traditional IRA to the Roth IRA. This does not count as a contribution, you still pay tax but you don't pay a penalty, and you get the money into the Roth. Plus you can still make Roth contributions if you are eligible.

There;s really no way to get money out of a traditional IRA without paying income tax, since you paid no tax on contributions or earnings. The only way to not pay any tax on a traditional IRA withdrawal is for your total taxable income to be less than your standard or itemized deductions.

Re: I have earned income in 2024. Can I withdraw ($8K) from my traditional IRA and move it to my Roth as my allowable contribution (allowing me to avoid tax).

VolvoGirl — Wed, 08 Jan 2025 04:49:18 GMT

Were you maybe thinking if you took out of the IRA and paid the tax then put it in the ROTH you would get a deduction for the ROTH contribution so it would wash out the tax?