I am struggling to figure out how to report my IRA contributions on my 2015 taxes. The situation is described below, with events taking place in both 2015 and 2016.
January 2015: $5500 Roth IRA contribution through Vanguard
May 2015: Get married, now over contribution limit. Didn't realize this until after December 31st.
February 2016: Call Vanguard to reclassify that Roth IRA to a traditional IRA, now sadly only worth about $4500. On the transaction history in Vanguard this event was called "Recharacterization" for whatever that is worth.
February 2016: Convert this new TIRA back to Roth IRA for a backdoor Roth IRA. ~$4700 converted and this event was called a "conversion" in the Vanguard transaction history.
I have I do not have any other TIRA space.
So how do I report all this? I am guessing most of the work will be done on the 2016 taxes, but what exactly do I report on the 2015 taxes? The only event that occurred before Dec 31st 2015 was the purchase of a $5500 Roth IRA which I technically should not have done.
January 2015: $5500 Roth IRA contribution through Vanguard
May 2015: Get married, now over contribution limit. Didn't realize this until after December 31st.
February 2016: Call Vanguard to reclassify that Roth IRA to a traditional IRA, now sadly only worth about $4500. On the transaction history in Vanguard this event was called "Recharacterization" for whatever that is worth.
February 2016: Convert this new TIRA back to Roth IRA for a backdoor Roth IRA. ~$4700 converted and this event was called a "conversion" in the Vanguard transaction history.
I have I do not have any other TIRA space.
So how do I report all this? I am guessing most of the work will be done on the 2016 taxes, but what exactly do I report on the 2015 taxes? The only event that occurred before Dec 31st 2015 was the purchase of a $5500 Roth IRA which I technically should not have done.
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