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Roth IRA contributions
Helping son with taxes. He opened a Roth IRA in 2020. As part of this he contributed $6000 in 2020 that was characterized as 'for a prior year'. He then also made a $6000 contribution in 2020 for that year.
When completing the tax form, we put he contributed 6000 for 2020 but when it asks if he opened it in a prior year and did he make contributions should we say 'yes' and add the $6000? Technically he did not open prior to 2020, but the first contribution is characterized as 'for a prior year'.
Thanks!
March 19, 2021
4:23 PM