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Is the conversion step of megabackdoor conversion considered an IRA contribution?
Let's say I did the following megabackdoor conversion:
1) I contributed $30K in after-tax bonus money to my company's 401K.
2) I did a megabackdoor conversion, converting that $30K from my company's 401K to a Roth IRA.
When I'm filling out tax forms, would I report that $30K as a Roth IRA contribution, or a 401K contribution?
For tax reporting purposes, my sense is that it's a *401K contribution*, and gets to my Roth IRA via conversion (not contribution). Have I got that right?
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‎February 22, 2020
11:00 AM