IRA conversion help! WITHHOLDING ELECTION (Form W-4P/OMB No. 1545-007)

[wjinghlw]

Hi guys,
I am new to the Roth conversation, this year is my first time (just got married, have to file separate because of wife student loans). I work with Scottrade and made traditional and roth accounts. Contributed $5500 for 2016 and $5500 for 2017. Now I am trying to convert the total $11000 to roth account. the application calls for withholding elections. I just want to make sure I am suppose to put down no federal tax withheld AND no state tax withheld. This is right? just want to make sure before I pull the trigger. thank you guys a bunch! my filing state is FL btw.

[MDM]

...made traditional and roth accounts. Contributed $5500 for 2016 and $5500 for 2017. Now I am trying to convert the total $11000 to roth account.

To what account(s) did you make these contributions?

Were they deductible?  Did you in fact deduct them?

[wjinghlw]

I made contributions to traditional Ira. They were non deductible.


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[MDM]

I made contributions to traditional Ira. They were non deductible.

In that case, see Backdoor Roth IRA - Bogleheads and links therein.  If you follow the advice there, all should be well.

[wjinghlw]

I have read the wiki thoroughly. I believe since there are no gains. No taxes would be due since this is non deductible traditional Ira. Just wanted confirmation from fellow members who has worked with Scottrade in the past.


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[Proud Foot]

While it wasn't with Scottrade, I did make a rollover in 2015 and 2016.  Both times I elected to not have any taxes withheld.  I did not want to lessen the amount in my tax advantaged account and instead made sure I had other funds to cover the taxes when I filed the return.