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c
CP
Feb 15, 2005 - 6:10AM
SEP to Roth IRA conversions

When converting SEP to Roth IRA, do I need to include this converted amount in reporting my Roth IRA basis?

Thank you!

Zip Code: cp085@yahoo.com

a
Andrew Schwartz CPA
Feb 25, 2005 - 10:56AM
Re: SEP to Roth IRA conversions

Your basis in your Roth includes all of your IRAs that you convert to the Roth - since you pay taxes at the time of the conversion. You definitely want to keep track of your Roth basis since you can withdraw that money from your Roth at a future date with no tax ramifications.

Zip Code: cpa@mdtaxes.com

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