The most recent content from our members.
Hi, This year I made nondeductible contributions to an IRA, which I will be converting to a Roth. This is my first backdoor Roth conversion. When is the best time to make the conversion? Should I wait until I file my taxes, which I normally do around the end of February or first week March?
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…
I have done a backdoor roth in Dec 2023. I contributed & transferred $6500. I didnt have tIRA before that. I got a dividend of $1.23 on 31st Dec, which i converted to Roth in Jan 24 In the tax form, i reported Balanced pending on 31st dec as $1. This is creating $1 as basis & line 13 (Non taxable portion of distribution)…
It looks like you're new here. Sign in or register to get started.