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MT online Form 8815: What You Should Know
S. Savings Bond. You should consult your tax advisor.) You have a choice: 1. If you have a Roth IRA, roll it over into another Roth IRA. You can't roll over it directly into an IRA. 2. Leave the money in the savings bond. However, it will not be included in the income of your Roth IRA and will be subject to tax. Note : If you do not roll it over, the interest will accumulate while the bond is held by the bank. You could also roll the savings bond into either the Traditional IRA or a Roth IRA. Rollover Savings Bonds from a Traditional IRA into a Roth IRA A Savings Bond rollover into a Roth IRA is subject to the following taxes. Rollover into Traditional IRA Rolls over the proceeds of an old savings bond into a new retirement account, Roth IRA or Traditional IRA. Taxable and nondeductible. Rollover Savings Bonds from a Roth IRA to a Traditional IRA If you plan to use any portion of the savings bond to buy a new retirement bond, this is the tax basis. Use this to calculate the amount of your IRA contribution. If you roll your savings bond into a Traditional IRA, the earnings can be withdrawn tax-free. It can also be withdrawn tax-free if you are under age 59 ½ and can roll over at least 5,000 of your annual IRA contributions. Use the amount of the earnings as income and income tax. Note : The amount of the IRA contribution to which you will take the credit is adjusted every year by subtracting any IRA contributions you made earlier. Rollover Savings Bonds from a Roth IRA to a Traditional IRA If you choose not to roll over. Your Roth IRA contributions (if any) may be included in your Traditional IRA contributions. If you rolled the savings bond into a Traditional IRA after you made the Roth IRA contribution, only the first 1,000 in the earnings may be included in your Traditional IRA. You may also exclude this first 1,000 on Schedule F. Deduction for Roth IRA Rollover Savings Bonds will be allowed if you had at least 3 years of qualified retirement income as required by IRAs. Deduction for Roth IRA Rollover Savings Bonds will be allowed if you had at least 1 year of qualified retirement income.
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