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What are the tax consequences of a direct rollover to a Roth IRA?

April 26, 2017consequences rollover roth ira tax

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What are the tax consequences of a direct rollover to a Roth IRA?

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The payment will be subject to Federal income tax in the year the payment is made. We will withhold 20 percent of the taxable amount and provide you with a 1099-R to assist you in preparing your taxes. You must file IRS form 8606 with your Federal income tax return.