Roth Conversion minus the base – Does amount count as MAGI
Have a traditional IRA with a base amount and I want to convert to a Roth IRA.
Does a Roth Conversion minus the traditional base count as the Modified Adjusted Income?
Have a traditional IRA with a base amount and I want to convert to a Roth IRA.
Does a Roth Conversion minus the traditional base count as the Modified Adjusted Income?
Permalink Submitted by Alan - IRA critic on Mon, 2013-12-16 18:59
I think you mean that the TIRA has basis from non deductible contributions as recorded on Form 8606. If so, the taxable amount of the conversion is the amount that is included in MAGI, not the full converted amount.