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Contributed to Trad Ira (december 2015); convertedto Roth Ira (January 2016)

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  • Contributed to Trad Ira (december 2015); convertedto Roth Ira (January 2016)

    Hey,

     

    So i created the trad ira hte last week of december and then converted to roth the first week of january. Do my 2015 taxes just reflect the traditional IRA. I wanted this to be a 2015 calendar year ROTH.

  • #2
    You report the TIRA contribution in 2015 and the conversion in 2016. Be sure to file form 8606 for the TIRA to make sure the IRA has a record of your basis. It really makes no difference whether the Roth conversion is 2015 or 2016 as you're not limited to the amount you convert in a single year, but how much you contribute to an IRA. If you're married, don't forget that you can also contribute to a spousal TIRA for 2015 (until 4/18/16) and convert to a Roth.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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