Converting After-Tax Contributions and Aggregating RMDs: Today’s Q&A Mailbag
Director of Retirement Education
I have a client who has some after-tax contributions in an IRA, along with pre-tax contributions. They also have another IRA and 401(k)s. My question is: Can we convert just the after-tax contributions to a Roth IRA or is it pro-rated as a % of the overall retirement assets?
- A Single Premium Deferred Annuity with Delaware Life (I had rolled over my pretax 403b to this several years ago when my hospital employer switched retirement plan companies) My Delaware Life Anniversary statement says "Contract Type: IRA-Regular". This was the larger of the two RMDs.
- I took the entire combined RMD from my Traditional IRA with Wells Fargo for which I received a 1099-R. Form for the total amount from both IRAs and indicated that this was "all RMD" in TurboTax that I just completed.
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