Anyone that worked their whole life, but is now living primarily off of social security almost assuredly retired into a lower tax bracket (again, favoring the IRA). Sid. with a CPA right now. Since penalties for mistakes are high, you really need one-on-one consideration. But he can avoid that by withholding any non-deductible traditional IRA contributions, and keeping them in a traditional IRA, and converting them to a Roth IRA. What Is a Spousal Roth IRA and Does How Does It Work? I will be 49 at the end of this year. Thanks! ", Internal Revenue Service. It keeps more money in the tax-free Roth IRA account to grow even larger over time. We do our taxes on Turbo Tax, and havent had a tax accountant for several years. Hi Brett No. This means that you cannot withdraw the money that you converted for at least 5 years. If that happens and they make it retroactive to January 1, 2022 as rumored, will he then have to just withdraw before April 15, 2023 the $200k after tax and pay 10% penalty if under 59.5 age and no penalty if over 60 years age? The bottom line is that you should consult with a financial professional and tax advisor to see which retirement account is right for you. What is the reason given? Im confused a previous response indicated that the 10% early withdraw penalty would apply if paying the taxes out of the traditional IRA. The earnings on the contributions will be taxable, but youll get a break on the contributions themselves. Thanks for the easy to understand piece! This would have worked better if youd left the money in the 401k rather than rolling it over into a traditional IRA, or directly into a Roth IRA. 1. Overall, the Roth conversion rules for 2023 are relatively straightforward. We plan on doing the transactions (5,500 lump sum) at the same time each year. converting (selling) at a loss), I think I wont owe taxes there either, but do you know if this the case? Since the IRA was after-tax, there will be no tax on the amount of the contribution (but there will be on the earnings on the account). Thanks so much for the great article. My 1099R shows code G direct rollover. 3) Yes, you should get a 1099R. The offending sentence has been deleted to avoid others from acting on information that doesnt apply to their situations. To clarify the 10% penalty would only apply to the portion of the traditional IRA that is not rolled to the Roth, correct? It appears if I sell the bonds it will be at a loss. Shouldnt this example you provide read Consists entirely of PRE-tax contributions. ?? Can I convert all the money in the traditional IRA account to Roth IRA now? Hi Dale I probably could have worded that section better! I actually wrote about this here. It is particularly helpful for someone who expects to be in a lower tax bracket by spreading the taxes over a few years. Me again, I think I have got the gist of the situation here: http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-IRAs-Recharacterization-of-Roth-Rollovers-and-Conversions Thanks. A Roth IRA conversion can be a great way to save for retirement. I still file Form 8606 just to keep track of the $45,000 and let the IRS keep it in sight each year. However, the contribution to the traditional IRA will not be tax-deductible. Discussions of how to do Roth conversions, tax rates before and after retirement, RMDs at 72, % of social security taxed, enough money to live on each year, the five year rule for distributions from a Roth IRA (even if rolled from a Roth 401K), etc. Interested in a Roth IRA, but arent sure if it is right for you? You may also need his/her assistance in showing it on your tax returns. Hi stephanie Your CPA is advising you correctly. What are the requirements for conversion if you are still employed when converting? I would receive two 1099Rs from the fund manager reflecting the two transactions, coded appropriately, right? I live in Illinois and I am divorced. Do the pro-rata rules apply? I have a Traditional IRA containing $10,000, and intend to convert to Roth, with the general goal to maximize the amount in the Roth in the next couple of months. 2. The advantage of this strategy is that it allows you to pay the taxes on the conversion over time rather than all at once. Hi Dale Theres a simple answer to your question. Amount of your reduced Roth IRA contribution If the amount you can contribute must be reduced, figure your reduced Contact the first IRA trustee and find out what the process is. Lets also assume enough retirement income to be in the same tax bracket in retirement as prior to retirement, as well as a willingness to move into one higher tax bracket, but no more, with the annual income tax (state and federal) on the Roth conversion amount (even if you have to use previously converted Roth accounts to pay the taxes when you run out of taxable account money). You may as well pay the tax out of the Roth funds, since youll have to pay the tax either way. How often can I rollover my IRA? trigger the IRA rollover containing my 2017 contributions to my Roth account. How can I get rid of this additional 1099-R that wants me to pay tax on $23k. The rollover IRA was reduced by one third A Roth conversion may make sense if you think your marginal tax rate will be higher in retirement than currently. Im thinking that to figure out the non-taxable portion of my conversion I only look at my IRA accounts and that any money my husband has in his IRA accounts dont come into play. You can do this through the same broker, and youll probably need to keep at least a little bit of money in the traditional account for future use. And, as we already mentioned, youll have to pay income taxes on converted amounts regardless of which rule you choose to follow above. Maximize Your Savings in 2023: A Guide to Tax Tables and IRA Contribution Limits, Unlock Savings: How To Stop Spending Money & Improve Mental Health, Money Stash Reviews Legit or Scam? qualified withdrawals from a retirement plan, forced to take required minimum distributions, Peter Thiel turned a few thousand dollars, moving to a state such as Florida that has no state income tax, you dont get the tax deduction when you contribute, Maximize Your Savings with IRA Recharacterization: Your 2023 Guide and FAQs, Rebuild Your Credit: A Step-by-Step Guide to How to Restore Your Credit Utilization Ratio, Best Way To Hide Money Legally From Spouse Before a Divorce. Hi Kent It sounds like a solid strategy. Ask the financial institution, but I think not. IRAs are tax-deferred, and when you do a conversion, that deferral becomes due and payable, which is also what allows you to collect tax free income later. 4. You can also convert a traditional IRA to a Roth IRA, but you will have to pay taxes on the amount you convert. If this investor performs a Roth conversion now, he will report $160,000 in ordinary income on his 2022 tax return. What do you suggest? I appreciate your informative article. In your article, you include the following quote from a Vanguard advisor giving advice on inherited IRAs. 3) Roll over SEP IRA into 401k Do you have to be earning money to convert your ira to a roth ira? For example, in 2022, all income between $10,275 and $41,775 is taxed at 12% for single filers. Now, in Dec. 2014 I want to convert that money in the traditional IRA to a Roth IRA for the 2014 tax year. Because my traditional IRA account will have been opened for 2 years, will I have to pay a 10% penalty, or only the taxes due? Convert up to a specific IRMAA threshold If you are 63 or older, this Roth conversion calculator enables you to assess conversion strategies based on the IRMAA thresholds. If Bentley had gone through with this conversion and didnt realize the tax liability, he would need to check out therules on recharacterizinghis Roth IRA to get out of those taxes. The Tax Cuts and Jobs Act eliminated this option, so make sure youre prepared to pay the tax bill before you take the leap. How Much Money Do You Give For a Bar/Bat Mitzvah Gift Amount? We are in our 20s and converted a 401(k) from a previous employer into a Roth IRA in 2016. Roth IRA Conversion Rules. And having a nice chunk of tax-deferred income in retirement is generally more tax-efficient. It is preferable if you have funds in a taxable account to pay the taxes separately. Will consult someone w/ state-specific expertise. Im retired, my wife has 3 years left where she will have earned income. Getty Images. The small SEP-IRA has been drained this year (2022) by converting the balance to my Roth. Any insight is appreciated. A Roth conversion is taxable in the year it is completed. (Both accounts are maintained by the same financial institution.). Are Roth IRA Contributions Tax Deductible? Hi Joe The amount of tax on the conversion will depend on how much of the rollover is non-deductible contributions, and how much is tax-deferred investment income. Can I do multiple conversions from my traditional IRA to a Roth per year? That being the case you shouldnt be able to roll that over into anything its basic income. Roth IRA: Obviously all after-tax contributions. I would like to start withdrawing from the rIRA at age 55, once my investment income is depleted. Are there any pitfalls I need to be aware of? I was required to fill out a new application for this rollover, and I was told to check the box that said Rollover, which I did. When you convert a traditional IRA to a Roth IRA, you pay taxes on the money you convert in order to secure tax-free withdrawals as well as several other benefits, including no required minimum distributions, in the future. I invested $5,000 in each of two seperate stocks. Hi Brett Unfortunately, the rollover IRA will affect the pro-rata rules on the Roth conversion. Upfront tax bill. Can I do a ROTH conversion of an Illiquid Asset from the Traditional to ROTH account? Thank you! In 2022, Roth IRA contributions were capped at $6,000 per year, or $7,000 per year if you were 50 or older. As a result, they are subject to specific rules that govern tax-free withdrawals. Being 59 1/2, she is exempt from the early withdrawal penalty. My IRA totals are about 20% higher than my wifes. Only someone who knows the details of your tax situation can tell you if the conversion will truly be a benefit to you. The traditional IRA will remain a traditional IRA, and youll have to set up a separate Roth IRA account. This is called a Roth IRA conversion ladder.. By converting your traditional IRA to a Roth IRA, you can take advantage of the tax-free growth of your investments. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur. That means two conversions in 2016. Also, I converted an IRA to a Roth somewhere around 2001 and was allowed to spread the taxes over four years. If you used the worksheet Figuring Your Reduced IRA Deduction for 2022 in Pub. All the contributions to the IRA prior to my inheriting it were pre-tax. Old 401k: Also consists entirely of pre-tax contributions. Each of us will have two funds which will be the last of us to touch when needed in the far distant future. A US citizen, living in China, still has to report all of the income made in China on his/her US tax return. Youre right Linda, I looked on the IRS website and saw nothing conclusive on that. Basically, I would like to only have one Roth IRA account and not have to open a new Roth IRA account for every back door conversion. 2. Its not an either or situation often a mix of the two is appropriate. Hi Laura Actually, withdrawals shouldnt be a problem. You say: But if Bentleys employer 401(k) plan permits it, he can avoid tax liability on future conversions by rolling his current IRA balances over into the 401(k).. But does a Roth IRA conversion make sense for your personal financial situation? Thatll hurt, but it will probably be better than it would be if you were both working and had a joint income of $500k plus the conversion. The Roth Conversion Calculator (RCC) is designed to help investors understand the key considerations in evaluating the conversion of one or more non-Roth IRA(s) (i.e., traditional, rollover, SEP, and/or SIMPLE IRAs) into a Roth IRA, but it is intended solely for educational purposes Can we still transfer Ira to a Roth to lower the amount of tax when RMD takes effect. Notably, this example assumes that leaving a legacy was not a priority for the clients. Im thinking it would be when I file taxes since the notice indicated the entire amount would roll over to RIRA untaxed. Hi John The limitation is on rollovers between traditional IRAs one per year. For example, in 2022, all income between $10,275 and $41,775 is taxed at 12% for single filers. Since your traditional IRA contributions wont be tax deductible (due to high income) there will be no tax cost to you for doing the conversions. Whats more, the decision will have to be reviewed each year before proceeding. Hi Ella You can if the CDs are part of a rollover IRA account. And living on other assets and SS is fine to say. Hi Karen If Im understanding your question correctly, yes, you should be able to withdraw the converted amount, since youll have paid taxes on that amount at the time of conversion. Using the steps from above, lets see what Bentleys taxable consequence will be in 2023: For 2023, Bentley will have a taxable income of $6,859 of his $7,000 Traditional IRA contribution/Roth IRA conversion, and thats assuming no investment earnings. Our MAGI is above the income limits to contribute directly to a Roth and also above the limits for any tax benefits for a traditional. 1. in order for their taxable income to land them in that bracket. Ive recently retired and would like to start rolling funds out of my traditional IRA to a Roth. But Mike Kitces argues that they arent necessarily permitted by the IRS. You can take direct delivery of the funds from your traditional IRA (check made payable to you personally), and then roll them over into a Roth IRA account, but you must do so within 60 days of the distribution. A simple answer with some explanation and maybe an IRS reference would be greatly appreciated. Due to MAGI I was not eligible to convert from my traditional IRA to ROTH. The 401k should be taxable on conversion since it was tax deferred in the accumulation phase. If youre considering a Roth conversion, your timing and yearly planning can significantly reduce the tax bite, financial experts say. But for someone thats, say, 40 years old, your advice is potentially destructive. Hi Frank Theres no right/wrong answer there. As far as your IRA, it wont affect your wifes conversion, since retirement accounts are always tied to the individual, even if its a married couple filing jointly. Hi Tara You can roll the current Roth accounts over to other accounts. Im just a guy on a blog, and dont know all the nuances of your tax situation . Amount of Roth IRA Contributions That You Can Make for 2022 This table shows whether your contribution to a Roth IRA is affected by the amount of your modified AGI as computed for Roth IRA purpose. What is the best way of taking advantage of this? My wife has only a Roth IRA. Is the ROTH IRA now considered a marital asset that I am entitled to get a percentage of? We are expats who file tax returns in Australia as well as the us. Depending on your age and other factors, you may also need to pay taxes on some or all of the money transferred from the traditional IRA. We live on s/s and my wifes taxable annuity pension from work and no earned income. Does it matter from whose traditional IRA we convert funds to our Roths? The income must be earned income, and not investment income. Hi Craig Since youre under 59.5 there wont be tax on the withdrawals (since the tax was paid at conversion) BUT there will be the 10% penalty. All third party trademarks, including logos and icons, referenced in this website, are the property of their respective owners. Very insightful! High income earners will be excluded from any Roth conversions . However, be careful that the conversions arent putting you into a much higher tax bracket. The NewRetirement Planner gives you detailed insight into all aspects of your financial future. 40% will be after-tax contributions, and therefore non-taxable, and 60% will be considered taxable. I do a backdoor roth conversion each year. Thanks Jeff. This quote is out of date in light of the SECURE Act. In other words, if I rolled over an IRA to a Roth now (in March) for last year (2015), would that income count for 2015 or 2016? If you stagger the conversion, will each individual stagger segment be subjected to the 5 year rule? Now you have to pay all the tax in the year you convert. If youre converting a non-deductible traditional IRA to a Roth every year, there should be no tax consequences anyway, since no deduction was taken, and there wont be more than a few days of investment earnings, if any. 2) The conversion is added to your regular taxable income, so yes it will increase your taxes. May I ask you now that I am retired, if I rollover my 401k Roth, pre-tax and after-tax 401k IRAs to my IRA custodian , can I use my 401k after-tax IRA balance to pay taxes for a portion of pre-tax conversion to current Roth? or must I sell them? These retirement accounts are available to just about everyone. At the moment you should have no issue with the $20k conversion. In this scenario, a Fool Wealth planner can assist with performing a breakeven analysis. What portion of that lump sum is taxable then? If youre considering a Roth conversion, your timing and yearly planning can significantly reduce the tax bite, financial experts say. I have only ever held a Roth. If he is in the 22% income tax bracket, he will owe $26,400 in income taxes, or $120,000 x .22. Or, for that matter, if he wants more control on how/where his money is invested, could he not simply roll over the entire 401(k) to a TIRA, and then do annual conversions on it in amounts that make sense to his tax bracket? The traditional IRA has been around longer and was the more popular option. Jeff. Can I subtract the full $15k historical basis in 2016 against my ROTH conversion amount and just take the benefit this year, or do I have to go back and file amended returns for each of the last two years to use part of the basis in each of those years? Hello Jeff! This is typically April 15th of the following year. Hi Eugene 1. I would like to know if conversions to a rIRA is classified as contributions, or do the contributions/earnings come over from the activity in the 401k or tIRA? can I make a nondeductible contribution to a traditional ira every year and instantly convert it to a roth each year or year after the contribution? Hi Pete Since youre unemployed and have a very low income, this would certainly be the time to do a Roth IRA conversion. Step 1: Open and Fund a Traditional IRA. On the other hand, if someone makes roth contribs/conversions while in the 15% tax bracket and then withdraws the money while in the 25% bracket, they made a wise choice. The $5k conversion from the IRA should generate no tax liability, unless you hit big in the market in the intervening 10 days before the conversion. A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. In this scenario, a Fool Wealth planner can assist with performing a breakeven analysis. Thank you. The thing about tax brackets is that you may be in the 25% tax bracket, but your effective tax rate may only be 11.5%. Id love some clarification about 2 points you make that seem to conflict (obviously theres something Im missing). A Backdoor Roth IRA is a great example of this. The Downside and Mistakes people make Converting From an IRA to a Roth IRA? Can I contritute to the Roth-in-plan offered by the employer? I needed a small amount of money to include in the down payment of my house, so, as instructed by the investment company holding this Roth IRA (the Trustee? Total value is $30,000 with total contributions of $7,000. One advantage Roth IRAs have over traditional IRAs is you won't have to take required minimum distributionssomething to think about if you hope to leave the money to your heirs. Hi Brian Nope. I also saw you answer a question that an individual could convert a fixed amount from his/her Roth every single month assuming they didnt mind the increased paperwork. The way I see it if he is converting 2 traditional IRA accounts totaling $340,000 into his new Roth IRA, then he will owe taxes for the year on the $6500 he contributed to the Roth as well as any other taxable income he had that year plus he has to pay the taxes on the $340,000 he is converting/rolling into the Roth IRA . But you can do a conversion from the IRA too, unless theres a specific tax benefit, which only your tax preparer would be able to tell you. Hi Maya It makes sense, as long as your tax rate in Illinois will definitely be lower than it will be in California. Two questions: (1) Do I list the conversions and, if so, where in TurboTax? Jan 5, 2017 make a $5k non-deductible contribution to IRA account. I have a question. Traditional IRAs are generally funded with pretax dollars; you pay income tax only when you withdraw (or convert) that money. Even if its in your best interest to start converting them now, you will need to map out a strategy and a schedule that will minimize the tax consequences. Hi Matt You can do the transfer but you will have to pay regular income tax on the amount of the conversion, unless some of your regular 401(k) contributions were after tax. This is even easier than a trustee-to-trustee transfer because the money stays within the same institution. Please discuss this with your CPA before proceeding though. If your only income is SS and 12k in rent then you more than likely can take Traditional IRA distributions(taxable) in controlled amounts and never pay tax on any of it so why would you want to convert and pay tax? You have two options for how to model conversions in the NewRetirement Planner: Once you have set up all aspects of your plan (a really thorough inventory of your current and future income, expenses, and savings), you can try modeling a specific conversion that you think would be advantageous. 2. I pay no taxes on this conversion because I do not have a traditional IRA with pretax money in it. Fortunately, the 401k balances wont figure into the equation. Its taxable only to the degree that contributions were tax deductible when made, as well as the income earned on those contributions. Does it make sense for me to start slowly converting 457 to Roth IRA, spread over say 10 years (to avoid getting into 28% tax bracket)? Self-Directed IRA (SDIRA): Rules, Investments, and FAQs, Calculating Roth IRA: 2022 and 2023 Contribution Limits, Updated Roth and Traditional IRA Contribution Limits, Roth IRA Contribution and Income Limits: A Comprehensive Rules Guide. It shouldnt apply. Roth IRA conversion rules & limits to know, and how to convert an IRA to a Roth IRA, Tax Implications of Converting to a Roth IRA. Now I have an IRA account with before tax income and my wife does not have any IRAs besides the 401K through her current employer. 1. Sure Linda, but just make sure you have the funds available to pay the tax liability due on the conversion, if there is any. Let the experts handle it, then relax. There is no limit to how much you can convert to a Roth IRA, however, you will have to pay income tax on the money you convert. 590-A, enter on line 1 of Form 8606 any nondeductible contributions Im 45 years now living in California. Look at our current interest rates no one thought they could stay this far below average for as long as they have. FICA taxes are due on earned income only. You cannot deduct contributions to a Roth IRA. Thanks. Just so Im clearI funded a 2015 Traditional IRA in March 2016 and immediately converted it to a Roth IRA. Thank you for any insights! Enter any dollar amount you wish to assess. In an effort to try to correct this situation, I want to do a Roth Conversion rolling over this Rollover IRA into a Roth IRA, paying taxes on the $650 income on my 2017 income tax return (I assume I will file IRS Form 8606). Don't wait. Whichever method you use, you will need to report the conversion to the IRS using Form 8606: Nondeductible IRAs when you file your income taxes for the year. Finally, its important to remember that a traditional IRA to Roth conversion is a permanent decision. Hi Dave According to the IRS you can contribute to both a Roth IRA and a SIMPLE IRA, as well as a 401k, at the same time. Total value is $200,000 with after-tax contributions of $40,000. 1. Roth IRA contributions income phase-out ranges for 2022 are: $129,000 to $144,000 - Single taxpayers and heads of household $204,000 to $214,000- Married, filing jointly $0 to $10,000 - Married, filing separately Saver's Credit income phase-out ranges for 2022 are: $41,000 to $68,000 Married, filing jointly. I understand the rules surrounding back door Roth IRA contributions, however, there does not seem to be much literature for this strategy. What about the 10% penalty? 1). An option around that is to split the conversions into two (or even more years). Talk to the plan trustee/broker about how to do that. Sorry I didnt mean to trick anybody I just wanted to see if you caught it. Roth IRA Income Limits in 2022 and 2023. Is it ever possible to roll the SEP into a 401k to avoid this problem? If she converts the after tax assets to Roth, does the IRS look at the balance of the IRA in the prior years and apply the pro-rata rule and calculate taxes or once the roll-over is done then the conversion is tax free? 2. Will I owe taxes on $45,000/$50,000 = 90% of my $5,000 conversion because of this pretax rollover ira account. Great article!! Read on to learn more and make sure you dont make any costly mistakes! He is also the author of two books. Question: Is the Pro-Rata Rule applied separately for myself and my wife (we file the tax returns jointly)? The second requirement, IN ADDITION TO meeting one of the preceding tests, is that the distribution must meet the Roth contribution 5-year rule (also known as the nonexclusion period under IRC Section 408A(d)(2)(B)). also how do I accomplish this task of conversion? Great article. Unlike a traditional IRA, you won't have to pay income tax on the money you withdraw or be required to take a minimum amount from your account each year after you reach a certain age. A better strategy though is to roll the full 50k into the Roth, and pay the tax out of non-tax sheltered resources. Im somehow doubting the IRS will consider the separation without applying the pro-rata rules. Additionally, there are no required minimum distributions for a Roth IRA, which can provide more flexibility in retirement planning. Can you convert a traditional IRA to a Roth IRA by April 15, 2016 and have the conversion included in your 2015 tax return (i.e., back date the conversion), or will it have to be reported in your 2016 tax return? My wife and I both began saving with IRAs this year (February 2017). Is that possible? 1. I have a curveball question for you. Hi Natalie You may want to see about getting the Roth contribution reclassified for 2016. Do that five years in a row beginning at age 50, and you can take tax/penalty free withdrawals for the next five years, up until age 59.5, when you can take withdrawals at will. Id only being doing it if one of my investments made a huge upward move before the actual conversion was executed, leaving a larger than expected tax burden to contend with. People often forget about state income taxes with conversions, but they do matter. Clock #1: Penalty-free distributions from Roth conversions. Hi Roger I dont think so. No sense paying the penalty if you dont have to. Is it wise to leave the 401K as is or move it to the already existing Traditional IRA? Great article. Yes, you can do a partial conversion from the 401k. You nailed it. Lets say that you have $100,000 in your IRA, of which $40,000 is after-tax contributions, and $60,000 is pre-tax contributions, plus tax deferred investment income. Total value is $340,000 with pre-tax contributions of $150,000. Roth IRA conversion limits. To have a Solo 401k, I created an LLC company in which I am the manager/member. Thanks for any advice you can offer. However, federal income tax rates are not the only consideration. I still dont understand how the tax amount owed are calculated. QUESTION: Hello Mr. Slott, I have been doing Roth conversions this year from two small accounts (one a rollover IRA, the other a SEP-IRA) to consolidate into fewer accounts. You cant do a Roth conversion in 2016 for 2015, so it will have to be effective for 2016. The tax consequences are determined and tracked by your own income tax returns. When you put your money in a Roth IRA arent you using after tax dollars so you would pay taxes at your current tax rate(which may be high now). For the stocks, the taxable amount was the closing price on the day before the transaction, which seems fair. I have a very siumilar situation, except for 2016 tax year. Assuming that our Social Security and rental income is non taxable, what tax bracket would a 150k IRA roll over to a Roth IRA be subject to? I think the only wrinkle is that I cant withdraw any of the converted funds until five years after the first conversion. I am thinking of doing a Roth conversion so I should pay state taxes for IL rather than CA. If I do the conversion now can I not contribute $5500 into the traditional IRA for 2017? Am I correct in assuming that I do not have to pay taxes on anything but the 12 years of income (less the annual maintenance fees) since all of the contributions were post-tax (having been contributed to my original Roth IRA and therefore never having been claimed as deductions on any income tax returns)? If you used the worksheet Figuring Your Reduced IRA Deduction for 2022 in Pub. Flexible Short Term Personal Loans, 2023 Savings Challenge: How To Save $10,000 in 3 Months FAST Money Savings. What I was supposed to have done (but was not advised of this) was to check off the rollover box for the Contribution Type (Transaction type), which gave me the option of either: Direct Rollover, Regular, Transfer.
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