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Do I have to pay taxes on the amount of my traditional IRA I convert to a Roth IRA?
Do I have to pay taxes on the amount of my traditional IRA I convert to a Roth IRA? Vanguard shows this warning before I convert (“Remember, you will be responsible for paying taxes due on the amount you convert.”) Weren’t my taxes already “paid” since it’s coming out of my paycheck which was already taxed? Or do I have to pay double tax?
submitted by /u/windtrainexpress
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