10 To contribute to your nondeductible IRA, you can send funds to a new Traditional IRA or to your existing IRA account with 0 balance.
For tax year 2020, make sure that you contribute $6000 by April 18, 2023 and that you do the Roth conversion before you contribute for 2023, so that the pro-rata rule does not apply.
2) People make nondeductible IRA contributions then do a backdoor conversion to a Roth IRA when their MAGI is too high to allow them to contribute directly to a Roth IRA.
This TurboTax article will give you some more information on nondeductible IRA contributions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
