Traditional to Roth IRA Stock transfer

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sandeepamrutia
sandeepamrutia Member Posts: 1 Newcomer

I have stocks in my traditional IRA, I have never made any profit in traditional IRA, is it possible to move stocks from traditional to roth IRA? do i need to pay any taxes on it?

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  • KFine3325
    KFine3325 FreeTaxUSA Agent Posts: 45
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    Yes, you can convert funds that were contributed to a traditional IRA to a Roth IRA. If you received any deduction on your tax return for the traditional IRA contributions when you made them, then the amount of those funds you convert to a Roth IRA is taxable. Please make sure to consult with the fund manager about your options to make sure you're making the best decision based on your circumstances.

    You can find more information about Roth IRAs here: https://www.irs.gov/retirement-plans/roth-iras