@buntypatel3 wrote:
Hi,
@macuser_22 ”Also any 2019 non-deductible basis contributed in 2020 only applies to 2020, the basis is not retroactive to 2019.”
can you please elaborate on this?
If you did not make the 2019 contribution until 2020 then it would have been impossible to convert that money *in* 2019 since it was not even in the IRA in 2019. The 8606 for that calculates the taxable amount of a distribution specifically excludes any 2019 contribution made in 2020 on line 4.
As I said before any conversion after Jan 1 2020 is a 2020 conversion, not a 2019 conversion.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
