line If my Traditional IRA contains non-tax deductible contributions, can I convert just that part of my savings that is deductible to avoid paying taxes?
What is a Traditional IRA? A Traditional IRA enables individuals to save earned income for retirement until age 70-½. Contributions can be tax deductible and taxes on earnings are deferred until the funds are withdrawn upon retirement. Traditional IRAs can be funded by an individual for his/her own savings, an employer on behalf of an employee or by rollovers received from qualified retirement plans.
Related Questions
- line If my Traditional IRA contains non-tax deductible contributions, can I convert just that part of my savings that is deductible to avoid paying taxes?
- If my Traditional IRA contains non-tax deductible contributions, can I convert just that part of my savings that is deductible to avoid paying taxes?
- May an employer convert some or all of its employees to independent contractors and thereby avoid paying employment-related taxes and benefits?
