What are the tax consequences to George

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Question - George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions) and his IRA is now worth $25,000. He is planning on transferring (or rolling over) the entire balance into a Roth IRA account. George's marginal tax rate is 24 percent. (Leave no answer blank. Enter zero if applicable.)

Required - What are the tax consequences to George if he takes $25,000 out of the traditional IRA and puts the entire amount into a Roth IRA?

Reference no: EM132527808

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