Hello - my question is about a traditional IRA rollover to a Roth. I have 2 parts to the question.
In 2021, my spouse and I opened 2 traditional IRAs and contributed $6000 in to each.
When filing our return in April 2022, we realized we were not eligible for the full deduction amount. We were limited to $7,620.
In April 2022, we converted one of these traditional IRAs in to a Roth. For the tax on the rollover, how would I determine which part of this account is taxable? Could we claim the first $6000 contributed in 2021 was for the traditional IRA we did not convert to a Roth, and only the remaining $1620 would be taxed with the rollover?
The second part is, we contributed to the traditional IRA we rolled over for the first 4 months of 2022 for a total of $2000. I have not claimed any deductions for this 2022 contribution. Since this account has now been converted to a Roth, do I need to pay tax on any of these 2022 contributions or can we just not claim them on our 2022 return?
Thank you.
