Hello,
I did a backdoor roth ira for myself in 2015. I received my 1099-R from Vanguard and it shows the following:
In box 1 (gross distribution), it lists 5,500.10
In box 2a (taxable amount), it lists 5,500.10
Box 2b (taxable amount not determined and total distribution) is marked with an X.
Box 4 (Federal income tax withheld) is 0.
Box 7 (distribution code) is 2.
IRA/SEP/SIMPLE is marked with an X.
I converted my previous SEP and rollover IRAs into my solo 401k, so I have no other IRA accounts. I do have other Roth IRA accounts, but I don't think these plays into the pro-rata calculation.
My question is, " Is my 1099-R is correct?"
If so, I am basically going to tell my accountant to copy form 8606, as it appears on the WCI backdoor Roth tutorial link:
https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/
Thanks.
I did a backdoor roth ira for myself in 2015. I received my 1099-R from Vanguard and it shows the following:
In box 1 (gross distribution), it lists 5,500.10
In box 2a (taxable amount), it lists 5,500.10
Box 2b (taxable amount not determined and total distribution) is marked with an X.
Box 4 (Federal income tax withheld) is 0.
Box 7 (distribution code) is 2.
IRA/SEP/SIMPLE is marked with an X.
I converted my previous SEP and rollover IRAs into my solo 401k, so I have no other IRA accounts. I do have other Roth IRA accounts, but I don't think these plays into the pro-rata calculation.
My question is, " Is my 1099-R is correct?"
If so, I am basically going to tell my accountant to copy form 8606, as it appears on the WCI backdoor Roth tutorial link:
https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/
Thanks.
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