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Get your taxes done using TurboTax
The first reply that I made gave the options to correct the excess Roth IRA contribution by the due date of your 2023 tax return, including extensions.
Between the lower threshold and the upper threshold the amount of an traditional IRA contribution that you are eligible to deduct goes down as your modified AGI for the purpose goes up. A Roth conversion from a traditional IRA can be any amount and the taxable amount will be calculated on Form 8606 based on the amount of your distributions from traditional IRAs, the amount you have left in traditional IRAs at year-end and the amount of basis in nondeductible traditional IRA contributions you have in your traditional IRAs.
‎January 2, 2024
1:56 PM
2,026 Views