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Level 1

Question

8915-E Form

Forum|Forum|5 years ago
April 4, 2021
1 reply
4 views

Withdrew money from my 403B under the CARES act and rolled it over to IRA/Roth IRA which i should not have to pay tax on because of the rollover but the form 8915_E makes me pay tax on it and I can not change it. Why?

Level 15

Did you roll it over to a Traditional IRA or convert it to a ROTH IRA? Going to a ROTH is taxable.

Level 15

Since a Roth account is a never-taxed account, you can't rollover/payback from a tax-deferred account into a Roth account.

If you put money into a Roth and don't have the compensation to support it or it is more than $6000 ($7000 after age 50), that is an excess contribution into a Roth.