Thank you for all of this guidance.
To make things more complicated:
In 2023, my wife also rolled over 13k from a previous employer's 401K and converted it to a Roth IRA. This was all pre-tax -> roth conversion. Thus that is why she has a rollover IRA that vanguard recharacterized the $6900 into that account.
So she did 2 things in 2023:
(1) Contributed nondeductible 6500 to a traditional IRA (vanguard's recharacterization of 6500 + gains) - but did not convert this in 2023 (performed feb 2024)
(2) Rolled over her prior employer's 401k to roth IRA (pretax -> roth)
When I attempt to fill out form 8606 for tax year 2023 - I think turbotax is assuming the $6500 nondeductible contribution is being converted to the roth IRA, when in reality it was a prior rollover 401k.
Is there a way to report these two distinct actions on form 8606?
To make things more complicated:
In 2023, my wife also rolled over 13k from a previous employer's 401K and converted it to a Roth IRA. This was all pre-tax -> roth conversion. Thus that is why she has a rollover IRA that vanguard recharacterized the $6900 into that account.
So she did 2 things in 2023:
(1) Contributed nondeductible 6500 to a traditional IRA (vanguard's recharacterization of 6500 + gains) - but did not convert this in 2023 (performed feb 2024)
(2) Rolled over her prior employer's 401k to roth IRA (pretax -> roth)
When I attempt to fill out form 8606 for tax year 2023 - I think turbotax is assuming the $6500 nondeductible contribution is being converted to the roth IRA, when in reality it was a prior rollover 401k.
Is there a way to report these two distinct actions on form 8606?
Statistics: Posted by ohboy — Wed Apr 10, 2024 1:11 am — Replies 8 — Views 555