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This was a low income year for several personal and professional reasons and so I'm looking at taking the opportunity and converting an IRAs to a Roth IRA.

I have an IRA that was rolled over from a 401K a few years back. If I had contributed and deducted $36K into that 401K originally and now I want to convert that IRA into a Roth IRA, that $36K would be counted towards my income for this year and I would have to pay taxes on it. Any gains would not be taxable.

Am I understanding that correctly?

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