Yes, it quickly gets confusing if you don't contribute IN year X, FOR year X, then right away also convert IN year X. That's how you keep things simple.Being able to contribute up to April 15 of the following year is throwing me off for which taxes things get recorded on.
You just said that IN 2023 you made a $6,000 contribution FOR 2022, but since Form 8606 wasn't filed, I can't tell if it ended up being a deductible or non-deductible contribution. You also said that IN 2023 you made $6,500 contribution FOR 2023. So, although you made two full contributions, they were applied to different years.I performed a backdoor Roth last year.
3/2/23 - $6000 - Trad IRA non-deductible contribution for FY22.
3/3/23 - Conversion of that $6000 to Roth IRA.
4/10/24 - MAGI below limit, will contribute $6500 directly to Roth IRA for FY23 (not backdoor).
The question is what are my Traditional and Roth IRA contributions made during 2023?
You didn't make a Trad IRA contribution FOR 2023. It was FOR 2022. Instead, you made a Roth contribution FOR 2023 of $6,500.I think my Trad IRA contribution for 2023 is $0. And the Roth IRA contribution for 2023 is $12,500. Or is the conversion not a contribution? And the Roth contribution for 2023 taxes is actually $6500?
This depends on if the tax preparer DEDUCTED the $6,000 contribution on your 2022 return or not. If it was non-deductable, not only would you need to File Form 8606 for 2022, but the remaining basis rolls over to the 2023 Form 8606.A further complication is that the $6,000 Traditional contribution on 3/2/23 was non-deductible, but our accountant didn't file Form 8606 for FY2022 taxes. So, I'm pretty sure I need to file a Form 8606 for FY2022 but unsure if I need to amend full tax return or just file Form 8606.
Statistics: Posted by celia — Tue Apr 02, 2024 11:54 pm — Replies 5 — Views 390
