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Get your taxes done using TurboTax
Q. If the conversation is done now, does one has to pay the income tax on the total $7k, or only on $1k as tax on $6k is already paid (non-deductible contributions)?
A. Only on the $1000 "earnings".
The TurboTax interview can handle this. Read and answer carefully. Review form 8606, part II, to verify the calculations.
‎September 7, 2022
5:24 AM
1,382 Views