An American singer and actor best known for his role as Festus Haggen on the long-running television Western drama, Gunsmoke. Born in Lamar, CO (882). Jack Dempsey (1895 - 1983) Born William Harrison Dempsey. American professional boxer and world heavyweight champion from 1919-26.
A rollover is considered an entirely different action from a contribution. Thus, the amount of a rollover has no impact on the contribution limit for the year. If you roll $100,000 from a traditional IRA to a Roth in 2013, you can still contribute $5,500, or $6,500 if you are 50 or older, to the Roth.y contrast, you must stop putting money in a traditional IRA and start taking distributions from the account at age 70 1/2. Consequently, some taxpayers choose to roll traditional IRA or other retirement plan assets into a Roth IRA.
If you roll over a traditional IRA to a Roth IRA during the year, you do need to report the amount of the rollover on your 1040. Since you were able to deduct the amount of the traditional IRA from your taxes the year you contributed, you now have to pay the taxes on the amount when you convert it to a Roth IRA.Report the amount on line 15b of the 1040. Roth IRA is not tax deductible when you make the contribution. That means you cannot subtract the amount you contribute from your tax return. In exchange, you can withdraw the amount tax-free when you reach 59 1/2-years-old. You also get to take out your earnings tax free.