Indeed there is form 8606, I did not pay attention to it, I don't know much about so many tax forms either.
I actually made the tradition IRA contribution on 12/11/2020 (for year 2020). If I convert it to Roth IRA now(August 2022), what will exactly happen to 2022 tax return?
Thanks.
Another question: If I make $6000 traditional IRA contribution in January 2023 (for year 2022), then convert it to roth IRA (backdoor roth IRA) in January 2023, right after traditional IRA contribution, can the converted roth IRA stillbe reported on 2022 tax return form (while the conversion is done in January 2023)?
The reason I want to make IRA contribution in January 2023, since I am not sure about my income (my salary allows me to make Roth IRA contribution but stock capital gain could disqualify me from making roth IRA contribution directly), so when it comes to January 2023, I will know if I make roth IRA directly or doing backdoor roth IRA.
Another question: If I make $6000 roth IRA contribution now (August 2022), but I lost almost all money on roth IRA (account also goes to $0). Later this year, I make quite some money on individual brokerage account, and it ends up I am actually not qualified the make the $6000 roth IRA contribution. In 2023, I am promoted and my salary is significantly higher and I will never be qualified to make roth IRA contribution again, what should I do with excessive $6000 roth IRA contribution?
@Critter-3
