Sentences with phrase «partly nontaxable»
A: No, your conversion distribution will be treated as partly taxable and partly nontaxable, even if you try to roll only the nontaxable part.
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If you've made nondeductible contributions to one or more regular IRAs, then the conversion will be at least partly nontaxable.
If you made nondeductible contributions to a traditional IRA at any time in the past, and haven't previously withdrawn the nondeductible contributions, then your partial conversion will be partly nontaxable.