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I think I’m making a mistake on my 8606 form for my Backdoor Roth

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  • I think I’m making a mistake on my 8606 form for my Backdoor Roth

    had a small amount in traditional (1700) that I converted to Roth. Nothing got taxed by fidelity where I hold the Roth, so I was assuming this form should settle what i owe from the taxable 1700 . Can someone tell me where I’m  going wrong?

    Or am I just wrong and this info is from Fidelity’s tax forms

     

  • #2
    Upload didn’t seem to work here’s a pic of the form

     

    https://m.imgur.com/hoNQEEO

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    • #3
      You do not have any basis in your TIRA. "Basis" means you did not get a deduction when you made the original contribution. So the $1,700 contribution + the $92.69 growth has no basis. That should get you fixed.
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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      • #4
        That did the trick! Thanks

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