When you take funds from one retirement account and transfer them to another, that’s known as a rollover. When you roll over a retirement plan distribution, you generally don’t pay tax on it until you withdraw it from the new plan. However, any untaxed amounts in the traditional IRA that are rolled over into a Roth IRA (called a conversion) will be taxed.
Can a rollover from a Traditional IRA to a Roth IRA save you money on my taxes?
Still have questions? Contact member support