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Back door IRA Basis
I did an IRA backdoor contribution 6K in 2023 for 2022 and the Money was paid between 1/1/23-4/14/23 for 2022. When I rolled over the money from the Traditional IRA to the Roth IRA, it was less than $6k, then the basis on my 8606 is bigger than 6K, and it was more than 2023 1099R taxable, $6030, does it mean I don't need to pay income tax on the gain since the basis is bigger than the distribution, the gain was smaller than the loss in 2023 when I rolled over from traditional to Roth IRA? Thank you.
Form 8606 is as follows:
1)6000
2) 6000
3) 12000
4)
5) 12000
6) 0
7)
8 )
9)
10)
11)
12)
13) 5930
14) 6070
16)5930
17) 5930
18) 0
All the rest is 0 or blank.
March 23, 2024
6:31 PM