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I'm thinking of converting the Conduit into a Traditional IRA. When I do that, will it count as a contribution for tax purposes?

No, a rollover isn't a contribution.

However a Conduit IRA is just a traditional IRA which is funded entirely by rollovers instead of contributory dollars...your money should be able to sit in a Conduit IRA as long as you like and be invested wherever you like. [Or do you already have a traditional IRA and you want to combine accounts?]

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