Greetings, Brett, and welcome. You wrote:<<When the Roth IRA was first available, I opened a "Conversion" Roth IRA account with my brokerage (Waterhouse) with the intent of converting an existing IRA (at a different brokerage) into a Roth. What I didn't know at that time was that I could not perform an account transfer between brokerages and an IRA -> Roth IRA conversion simultaneously, one had to occur prior to the other. This caused a delay, and I never performed the conversion or contributed to this new account.My questions are: Is there any significance to this being a Conversion Roth IRA account? Is it different in the eyes of the IRS in any way from a "normal" Roth IRA? Are there any differences/restrictions in how I contribute to this account (if I convert a standard IRA into it vs. contributing cash or both)?>>Not really. You have never made a conversion, so contributing money now doesn't constitute a conversion. Just ensure you clearly designate the deposit as an annual contribution, and you will be okay. The distinction is important due to the ordering rules for withdrawals from a Roth. The first money out is always considered annual contributions until they are gone. The next money out is conversion contributions from traditional IRA (oldest to youngest). Last is earnings. Conversion money can't come out for five tax-years or you will pay an early withdrawal penalty when younger than age 59 1/2.Regards..Pixy
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