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Backdoor Roth, First Time, Want To Avoid Tax Mistakes

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  • Backdoor Roth, First Time, Want To Avoid Tax Mistakes

    Hi all,

    First year doing Backdoor Roth. I'm filing our taxes through TurboTax. I have everything plugged in, just want to make sure I am accounting for things correctly.

     

    I made $5,500 trad IRA conTRIButions for both me and my wife, for 2016 tax year, but did them all in calendar year 2017 (between Jan 1 and April 18). Then, also did the subsequent Roth conVERSions shortly after.

    I have also made $5,500 trad IRA conTRIButions for both me and my wife, for 2017 tax year, and did them all in calendar year 2017, with the subsequent Roth conVERSions made shortly after.

     

    Only the 2016 tax year stuff needs to go on this years taxes, right? Then next year, the 2017 contribution/conversions will be accounted for?

    Thanks in advance!

  • #2
    Only the contributions will show up on the 2016 8606s. That's right.

    https://www.whitecoatinvestor.com/late-contributions-to-the-backdoor-roth-ira/
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

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