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Tax Documentation for Funding 2016 and 2017 Backdoor Roth in 2017

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  • Tax Documentation for Funding 2016 and 2017 Backdoor Roth in 2017

    It's tax time, and I just want to make sure I'm doing my taxes right. I funded both my 2016 and 2017 Backdoor Roths in January 2017. Am I correct that I should still declare a non-deductable $5,500 TIRA contribution on my 2016 even though I don't have a 1099-R (Roth Conversion documentation) to go with it knowing that I'll have a 1099-R that's essentially twice as large coming for 2017?

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    It’s tax time, and I just want to make sure I’m doing my taxes right. I funded both my 2016 and 2017 Backdoor Roths in January 2017. Am I correct that I should still declare a non-deductable $5,500 TIRA contribution on my 2016 even though I don’t have a 1099-R (Roth Conversion documentation) to go with it knowing that I’ll have a 1099-R that’s essentially twice as large coming for 2017?
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    Yes, you'll complete the front side of Form 8606 for $5,500 for 2016 and again for 2017.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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