I’m trying to make sure I’m reporting a Backdoor Roth IRA correctly and would appreciate some guidance. Here’s my timeline: 2024 contribution On April 9, 2025, I contributed $7,000 to my Traditional IRA at Charles Schwab. I designated this contribution for tax year 2024. When I filed my 2024 tax return, I answered “No” to…
I did a backdoor conversion through Fidelity $7000 from Traditional to Roth IRA. I received a 1099-R and it shows: Box 1: 7,000 Box 2a: 7,000 Box 7: 2 IRA/SEP/Simple: yes I filled out my 1099-R under the income section and answered all the questions appropriately. I also filled out all my answers approoriately under…
Hello, In 2025, I rolled over my traditional 401k to my Roth IRA. I just received my 1099-R, and the taxable amount on there is 0, box 2b is empty, and box 7 is marked with G. This is likely because the originating institution could not know whether I would rollover the money into a trad or Roth account, which makes sense.…
Hi, January 2025 deposited $8000 (50 and older) to 2025 Roth IRA. Due to increase in wages my magi is too high and I will contact vanguard this week and have $8000 plus earnings re-characterized as a new IRA. My concern, what steps must be taken to fill out taxes properly. It should be a simple process but the more I read…
In 2023, I made a non-tax deductible contribution to my traditional IRA. My broker said that I could recharacterize this contribution in which the $6500 would be returned and I would need to pay taxes on any gains, which I'm doing this year (it was comingled accidentally in pre-tax funds). I'm now going through the process…
I did a backdoor Roth in 2023, but didn't make enough income to totally phase out of the deductible amounts. So when I put my Trad IRA contribution —> Roth IRA conversion information, FreeTaxUSA is "forcing" me to take the partial Trad IRA deduction, and wants to tax me on my Roth IRA conversion. I double checked that the…
In 2024, I contributed $7K to a traditional IRA and bought an mutual fund. The mutual fund went down in value to $6,929. I then converted the full amount in my traditional IRA, $6,929, to my roth IRA, prior to Dec 31 2024.. My traditional IRA had $0 thereafter. My question is — FreeTaxUSA is reporting basis on the 8606. Is…
Situation: Have done “clean” backdoor IRAs for a number of years. Really butchered it this year and learned my lesson to just do the backdoor if unsure about income. January 2024: Contribute $6.5K into Roth IRA for tax year 2023 February 2024: Realize MAGI is above the roth limit for 2023, withdrawal contribution + gains.…
In 2024 I contributed $7000 to a traditional IRA and immediately converted that $7000 to a Roth IRA. I have now received a 1099-R saying: 1 Gross distribution = $7000 and 2a Taxable amount = $7000 Then on freetaxusa it asks is this a roth conversion? I select YES and enter $7000 as the distribution conversion amount. Here…
My wife and I with our combined income is over the modified AGI. We'd like to do a backdoor Roth IRA contribution, but I was wondering how much we can contribute to an IRA as we're married now. Can we do 14k total as a couple into 1 account, or do we have to do 7k separately in 2 different accounts?
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