No. of Recommendations: 0
AliFool asks:

<<I'm confused.

I contributed $2K to a Roth rollover for 1998 -- nondeductible. (Because I also have a 401K plan, I am not eligible to deduct any IRA contribution.)

Does that mean I will be taxed twice on my IRA contribution for 1998 -- once already (since the contribution was made with after-tax money), and once now for year-end taxes? Thanks...>><

No, you will not be taxed on the $2K again. That was a contribution you made to the Roth with after-tax money out of your net paycheck from work. You will, though, be taxed on any previously untaxed money in the traditional IRA you converted to the Roth IRA.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.