IRA rollover/Solar credits
I have a traditional IRA that was started in the mid-1980s. Shortly after I started it there was a change in the tax laws, eliminating any deductions from it. Consequently, I never used any deductions and never made any more contributions to it other than the initial minimum deposit required to open it, which I think was $2,000. The latest account holder is Sofi.com since September, 2019. They are reporting a $27,281.22 gain since that date. There are no documents available from eTrade, the previous holder, and I have no tax records going back to the 1980s. It’s value is now a little over $103,699. I’d like to rollover into my already-established Roth IRA. Since there were no contributions or deductions ever claimed for the Trad IRA, are the gains taxable at I rollover? If taxes ARE required, are they based on the $27,281.22 gain reported by Sofi or $101,000, the apparent gain since the 1980s? We also have a $14,000-plus solar credit we thought we could use to offset any taxes on the rollover. We’re moving overseas this summer and will be converting our residence to a rental. We’ve been told by tax pros once we rent our house, we can no longer use the tax credit, so we have to use it before summer or lose it. Would I have to file quarterly estimated tax payments to pay (via the solar credit) any taxes due from the rollover to avoid underpayment penalties?
