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Check your tax returns, did you have to file form 8606 every year?
Newbiehere is right. If you have not filed those forms in your taxes then what you have is after tax savings funds. Contact the investment company where you have been sending the checks. See how it is categorized.
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Originally Posted by otterhere
No.
If you have not filed the form for the years you can file amendments to your past tax returns.
If you made a contribution for 2016, you may be able to characterize it from a traditional to a roth. Call the company up & ask them to change it. I did that one year.
It depends on your age and whether you are eligible for a deductible tIRA, or a non deductible IRA. If your IRA is non deductible then the contributions (not earnings) can be rolled over to a Roth at any time, since you already paid taxes on that money. If you got a tax deduction each year, then it is a deductible tIRA, and leave it where it is. That said, a Roth may or may not make sense for you. It depends on whether you anticipate needing income that does not count towards AGI later in life, or anticipate a higher tax bracket later in life. A Roth is of little use to lower income retirement income people. If you expect to be under the SS tax level for 50% of your SS, then a Roth is worthless. Suze Orman does not give tax advice that is applicable for low income people. Her investing advice is typically valid though.
Last edited by Perryinva; 01-10-2017 at 12:27 PM..
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