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.…
I converted $11,000 in IRA contributions to Roth IRA in 2024 ($4K in 2023 contributions and $7K in 2024 IRA contributions). It was a total conversion. It's showing that I owe tax on the difference between my conversion amount and the current year contributions ($11K-$7k=$4K). What am I doing wrong?
I started my Traditional IRA account back in 2023. During that year I contributed $3.5K, all the funds were non-deductible due to my AGI. Unfortunately, I made a mistake in my 2023's 8606 form and specified only $3K of non-deductible contributions. I bought $500 of FMSDX and didn't realize that Fidelity doesn't show money…
Hi, In 2024 I made non-deductible Traditional IRA contributions and then converted that Traditional IRA balance to a Roth IRA. So I got a 1099-R for the distribution. I believe I correctly input the 1099-R and follow-up questions into FreeTaxUSA (yes this is a Roth conversion, my 2023 and 2024 year-end Traditional IRA…
I took a traditional 401k account and converted that into a Charles Schwab Rollover IRA, then transferred those funds into a Roth Contributory IRA. So now I have a 1099-R for this transfer. When trying to enter this information into my return the following questions are presented in yes/no fashion: "Is this a Roth…
how does converting a traditional Ira to a Roth IRA impact tax filing and how would I include it
I have a question regarding the backdoor Roth IRA process (contribute max out $7500). If there’s some interest generated in the IRA account and it doesn’t zero out the account, what are the tax consequences? Thank you for your assistance!
i converted traditional to roth IRA. however given my income, i already paid taxes on the income i contributed. how does tax filing works in my case
When I view my past FreeTax USA returns, I notice that my 2021, 2022 and 2023 Form 8606 is completed/filled out different for each year. Even though the identical process was attempted(back door Roth). Is there an expert for 2024 going to be available to help straighten out this mess when I use your service in the next few…
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?
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