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Done a backdoor IRA conversion, but later on found out that I could deduct my Traditional IRA contribution.
Hi,
2019 is my first year contributed to IRA (so I don't have any Traditional IRA basis). I did a backdoor IRA conversion and convert my whole contribution from Trad. IRA to Roth-IRA. However now I found out that my estimation was incorrect and I can actually deduct all the 6000 Trad. IRA contribution.
So what should I do now? Could I still stick to the original backdoor conversion plan and claim all my contribution to Trad. IRA (which later on converted to Roth-IRA) as non-deductable? Or is there any better way to deal with this case?
Thanks!
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‎July 19, 2020
2:57 AM