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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?
Hi, I contributed to a traditional IRA after the submitting my tax return. Later this year (eg May) I plan to convert my Traditional IRA to a Roth IRA through a backdoor conversion. I went back to amend my tax return and I included my contributions to my Traditional IRA. I added them, and noticed that my refund now…
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…
Hi, Im in the middle of filling 2023 taxes and realized that I my MAGI will not qualify me for Roth IRA. I want to do Backdoor Roth IRA for 2023. Right now I do not have traditional IRA for 2023. Can I do Backdoor IRA for 2023 now? I could only find filing processes for same year contribution and conversions. What Is the…
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