UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75335  
Subject: Re: Taxable amount on Roth IRA Date: 2/15/1999 4:33 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
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.

Regards....Pixy
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Macro Economics

Intel's Broadwell Potential
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! 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.
Advertisement