I rolled over a retirement savings account to an IRA and the amount is being included as income. Is that correct?

e-ebou — Sat, 01 Jun 2019 04:30:05 GMT

Yes - if you rolled it over to a Roth IRA. No - if you r...

IreneS — Sat, 01 Jun 2019 04:30:18 GMT

Yes - if you rolled it over to a Roth IRA. No - if you rolled it over to a Traditional IRA.

Both the retirement savings account and the traditional IRA are funded with pre-tax dollars. There is no tax impact when rolling over funds from one to the other.

Roth IRAs, however, are funded with after-tax dollars. So when funds are rolled into a Roth IRA from a non-Roth product, taxes are incurred.

topic I rolled over a retirement savings account to an IRA and the amount is being included as income. Is that correct? in Retirement tax questions

I rolled over a retirement savings account to an IRA and the amount is being included as income. Is that correct?

Yes - if you rolled it over to a Roth IRA. No - if you r...