I recently had a 401K rollover done into my traditional IRA. I then converted that amount into my Roth IRA last week. Upon checking my traditional IRA today, I see that the money had gained some interest in my traditional IRA before I converted it. Am I allowed to convert this money to my Roth IRA without any penalties?
Thank you.
There are no limits on the frequency or amounts of Roth conversions. All of the Roth conversions that you do from a particular traditional IRA will be combined on a single Form 1099-R (except in the case where you reach age 59½ between the conversions and the codes in box 7 of the Forms 1099-R will need to be different due to the difference in your age at the time of the conversion).
There are no limits on the frequency or amounts of Roth conversions. All of the Roth conversions that you do from a particular traditional IRA will be combined on a single Form 1099-R (except in the case where you reach age 59½ between the conversions and the codes in box 7 of the Forms 1099-R will need to be different due to the difference in your age at the time of the conversion).