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Do you need to report Roth contribution?
For example, John is single and his salary was $125k in 2022. In summer 2022, he made $2000 non deductible traditional IRA contribution(balance was $0 before the contribution) then immediately did Backdoor Roth Conversion for the $2000. In January 2023, John didn't make money from stock market for whole year 2022 and salary is his only income, now he was sure that he could contribute to Roth IRA directly, then John made $4000 Roth IRA contribution for year 2022 in January 2023.
Question: Does John need to report $4000 Roth contribution for tax return 2022? Or John only needs to report $2000 nonductible traditional IRA contribution and $2000 Backdoor Roth Conversion?
John does not need to worry about form 5498, correct?
Thanks.
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‎February 6, 2023
9:19 AM