Other Talk "Otterville" plus Religion/Politics

Rollover to ROTH IRA question....

Old 02-20-08, 10:58 PM
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Rollover to ROTH IRA question....

Yes, start the ROTH subforum. Very amusing.

Okay, you have money in a traditional IRA of some sort and you roll it over to a ROTH. In doing so, you must now pay income tax on that amount because you didn't before. But do you pay Social Security on it? What about if the year it was contributed, you were above the level of paying SS? What if it is split in the middle?
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Old 02-21-08, 06:59 AM
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For normal employees, SS was already withheld from your paycheck. That is why SS and Medicare wages are higher than Box 1 on your W-2 if you put money in a company 401K. For self-employed people, I don't know. I assume since you are taxed for both halves of payroll taxes, it has been covered.
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