Corysnyder28
Returning Member

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?