Hi,
I just had a short question regarding the process for the backdoor Roth IRA.
When making a contribution to our traditional IRA through our broker (e.g. Vanguard, Fidelity, TD Ameritrade, etc), do we make the specification of whether these funds are deductible or non-deductible? Or is that determination based on whether or not you deduct in your taxes?
I was just a bit confused as when I was about to make a $5500 contribution, I never saw any specification to determine whether these funds are deductible or non-deductible, so I figured that determination would be made when I file my taxes.
Thanks!
I just had a short question regarding the process for the backdoor Roth IRA.
When making a contribution to our traditional IRA through our broker (e.g. Vanguard, Fidelity, TD Ameritrade, etc), do we make the specification of whether these funds are deductible or non-deductible? Or is that determination based on whether or not you deduct in your taxes?
I was just a bit confused as when I was about to make a $5500 contribution, I never saw any specification to determine whether these funds are deductible or non-deductible, so I figured that determination would be made when I file my taxes.
Thanks!
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