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Backdoor roth IRA
In March 2021, I performed an after-tax contribution of $12000 to a traditional IRA for both 2020 and 2021 (total of $12000) prior to filing my taxes for 2020 and promptly rolled it over into a Roth IRA. I also filed form 8606 for 2020 contribution in the year 2021. The 2021 1099-R shows a $12000 distribution and taxable amount. I need to now make sure that I fill out the 8606 for this year correctly but when I go through the process I get the message: "Income too high to deduct an IRA contribution."
Basically Im trying to do what this article says: https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/
at the bottom of the page: Late Contributions to the Backdoor Roth IRA.
‎April 4, 2022
6:25 PM