Back door Roth
Speedysloth
Member Posts: 1 Newcomer
how does converting a traditional Ira to a Roth IRA impact tax filing and how would I include it
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Speedysloth,
That is a great question!
Funds converted from a traditional IRA to a Roth IRA may be taxable depending on the amount of nondeductible contributions you've made to the account and the value of the account at the end of the year.
When you convert funds from a traditional IRA to a Roth IRA, you will receive a Form 1099-R. You will need to report that Form 1099-R when you file your return to determine the taxable amount, if any, of the conversion.
