Yes. This is considered a conversion and is generally a taxable transaction. Any deductible (pretax) Traditional IRA assets that are converted to a Roth IRA must be included with your taxable income on your federal income tax return for the year the conversion takes place. Please consult with a tax advisor before converting.
Your security is our priority. We've recently seen an increase in fraudulent calls and text messages to members with debit cards.
A legitimate call from our Fraud Department will only ask if you performed a certain transaction.
If unsure, hang up immediately and call us directly at (315) 671-4000 to verify the legitimacy of the call or text you received.
