I have been going through all the literature and I need clarification on whether or not I'm reporting the taxes I paid on my Roth IRA conversion to the IRS. Here's my situation: I converted some pre-taxed dollars from my employer-sponsored 401K plan to my Roth IRA. The IRS classifies a conversion from a 401K to a Roth IRA…
I made $7000 non-deductible contributions to my traditional IRA account for year 2024 and $6500 for year 2023. The 2023 contribution was done in 2023 to Roth IRA but I recharacterized it in 2024. The immediately I converted all of it (both 2024 and recharacterized 2023 contribution) to Roth IRA. Because the conversion were…
I made $7000 non-deductible contributions to my traditional IRA account for year 2024 and $6500 for year 2023. The 2023 contribution was done in 2024 before April 15. The immediately I converted all of it to Roth IRA. Because both contributions and conversion were made in 2024, I got a 1099-R form from my bank with the…
I have basis in my IRA from contributions made many years ago. When entering 1099-R for IRA distribution this year, I erred entering the basis amount and FMV data. The Form 8606 was automatically calculated with this misinformation. I cannot find a way to go back to correct the basis and FMV values. I have deleted the…
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…
Hello all! I have recently been reviewing my tax situation in preparation for potentially maxing out my IRA contribution for tax year 2024. Looking at tax years 2019 and 2020, I received a Form 5498 for contributions I made to my Traditional IRA (never contributed for any other years). For these 2 years, I was well within…
I am using FreeTaxUSA, and making a non-deductible IRA contribution for the first time. The non-deductible contribution is $6,500, made in 2024 for year 2023. I am being asked three questions, and need help with the second. 1. Traditional IRA Basis and Value Entered $0 since I have not made non-deductible contributions…
I input my ROTH IRA contribution in the IRA Contributions interview screen. I am about to file my taxes but I don't see the Form 8606 in the draft. Is there a trick I am missing? If I can't get this to work can I just print the return and mail it with a form 8606 I completed from the IRS forms?
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