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Early January 2018 was when I opened my first non-deductible tIRA and performed a Roth conversion about a week later. When I contributed to my tIRA, I selected to contribute for the tax year 2017 ($5500, did not contribute for the 2018 tax year), but did the conversion in 2018. Probably an oversight on my part but I did not have my tax guy report this.
I am planning to contribute the full $5,500 for 2018, as well as the full $6,000 for 2019 on Jan 1st, 2019 and then convert to Roth so that I'm caught up. However, I'm concerned about how to properly report this. I was reading the article "Late Contributions to the Backdoor Roth IRA" on this site but am still a little confused about how to properly account for the contribution I made in 2018 for the 2017 tax year, and how that factors in to my filing for the 2018 tax year and in the future once I'm caught up and contribution & conversion occur in the same year.
This is probably a pretty basic topic for a lot of posters, but I'm not very well-versed in the tax world so any information would be very helpful. Thanks everyone!
I am planning to contribute the full $5,500 for 2018, as well as the full $6,000 for 2019 on Jan 1st, 2019 and then convert to Roth so that I'm caught up. However, I'm concerned about how to properly report this. I was reading the article "Late Contributions to the Backdoor Roth IRA" on this site but am still a little confused about how to properly account for the contribution I made in 2018 for the 2017 tax year, and how that factors in to my filing for the 2018 tax year and in the future once I'm caught up and contribution & conversion occur in the same year.
This is probably a pretty basic topic for a lot of posters, but I'm not very well-versed in the tax world so any information would be very helpful. Thanks everyone!
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