Which of the following statements is FALSE regarding an IRA conversion contribution? The 10% additional tax on early distributions does not apply. A part or all of the distribution from the traditional IRA may be included in gross income and subject to ordinary income tax. Only one direct rollover from an IRA to another (or the same) IRA can be made in any 12-month period, no matter the number of IRAs owned. Amounts that are required to be distributed from a traditional IRA for the year cannot be converted..