I have a few thousands of dollars contributed to a Traditional IRA over 2016, 2017 and 2018. These contributions are post-taxed dollars and I have not deducted them from the IRA contributions (Since IRAs are meant for pre-tax contributions, I could have deducted taxes on my contributions but I did not).
Now, I have a few more days left for the end of the year and I'm considering rolling over the contributions from Traditional to a ROTH.
- Can I rollover all of the money (above $6000) from Traditional to ROTH and pay taxes on any grown that I have incurred since I've invested in to the IRA?
- Do the changes to the tax laws in 2018 have any effect on this?
- Also my original IRA contributions were made to an account managed by company X. I since rolled over to company Y (Not by choice but had to for other reasons). Does this have any affect on the rollover?
Also on here I see that recharacterizing is not possible once a rollover is made from Traditional and ROTH. This should have no affect on my roller plan right? I'm guessing that I cannot rollover the funds back to a Traditional IRA or another IRA after the initial rollover.