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Old 07-06-2016, 01:30 PM
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Converting Traditional IRA on which I did not receive tax benefit to roth


I opened an IRA and put $5000 in that account for the 2014 tax year. However, I did not receive any tax deduction because my income was above the threshold. I am planning to convert that IRA to a Roth IRA.

My common sense says that I should not have to pay taxes on this because I did not receive any deduction when I opened the IRA. Please correct me if I am wrong. If indeed I am correct and I do not have to pay taxes, then what documents do I need to support this?


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