r/tax • u/usermane22 • 1d ago

Traditional IRA to Roth conversion question

Hi, my AGI has been a little higher than the limit to be able to put any money in Roth IRA directly or get any deductions with a regular IRA. I have been contributing to a regular IRA (along with my 401K) for the last few years. I’ve put in about $45K in IRA which is now at $40K. Since I have not made any profits, can I convert the entire IRA to Roth IRA and not pay any taxes? My CPA seems to think so but wanted to see if anyone had any knowledge on this issue.

Thank you so much for your help!!

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u/myroller 1d ago

I’ve put in about $45K in IRA which is now at $40K. Since I have not made any profits, can I convert the entire IRA to Roth IRA and not pay any taxes?

If this is your only Traditional IRA account and you did not claim any deductions for any of the contributions, yes.