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Get your taxes done using TurboTax
Two questions:
1) How can I move part of traditional IRA balance (cash) to Roth IRA account? trustee to trustee conversion
2) How should I report backdoor roth IRA conversation when filing tax return next year? Since traditional IRA contribution is also after tax money, I should not need to pay tax for the conversation. But how should I deal with IRS? Simply enter the 1099-R that will be issued next year and read/follow the screen instructions in that section. You should have a basis listed on the 2020 form 8606 that will carry forward from the 2020 return if you used TT last year.
‎August 5, 2022
3:12 PM