Quote:
Originally Posted by DimondAngels
Any retired CPA's out there who can help me out?
Basically on 3/11/20 I converted a traditional IRA acct. that was valued at $46K into a Roth IRA. Since March the account has grown to over $100K and I was told that if I put the original $46K back into a traditional IRA that there wouldn't be any taxes due.
Any advice would be appreciated. Kevin dimondangels@yahoo.com |
Why would you want to put the money back into the IRA anyway? If it were possible, which I don’t think it is, you would just be creating the same tax trap you’re trying to avoid with the conversion. You’ll pay tax on the $46k and on all the gains from the $46k, forever. Even when you and your spouse die, if you haven’t paid your kids will.
Be happy you made $54k tax free. You won!
😉