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When filing taxes for the year of the conversion, use Form 8606 to inform the IRS about the rollover. Bottom line Any money moved from a traditional retirement account to a Roth IRA is considered ...
When it comes time to file taxes for the year you made the conversion, you’ll need to submit Form 8606 to notify the IRS that you’ve converted an account to a Roth IRA.
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What’s the Difference Between IRS Free File and IRS Direct File? IRS Free File has been providing free tax preparation and filing since 2003. IRS Direct File is new for tax year 2023.
Roth IRA rollover vs. Roth IRA conversion. A rollover is when you move or “roll over” funds from one retirement account to another retirement account. So for example, if you leave your job ...
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The IRS Direct File program, which lets taxpayers file their federal income tax return directly with the IRS for free, is doubling its reach to 25 states for the 2025 tax season, up from 12 states ...
Tax-free growth for heirs. Beneficiaries are required to withdraw the money from a Roth IRA that they inherit within 10 years of the original account owner’s death .