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Didn't roll traditional IRA into a roth last year

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  • Peds
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    Only the gains are taxed.

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  • dentoid
    started a topic Didn't roll traditional IRA into a roth last year

    Didn't roll traditional IRA into a roth last year

    I didn't roll my traditional IRA into a Roth last year.  :x

    How would I calculate the amount of money lost when I get taxed on the lump sum if I convert it to a Roth via back door? My tax rate is 39.6% and the traditional IRA sits at about $6200. Would I end up losing about $2400 in taxes from 2015 addition when I roll my 2016 contribution of $5500 into a Roth?

     

    What would the best way to go about this situation?
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