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Investors & landlords
Step 1 ... tell the IRA custodian you want to CONVERT your IRA to a ROTH
Step 2 ... wait for the 1099-R to come next January
Step 3 ... enter the 1099-R and complete ALL the following questions in that section to indicate how much was non deductible reported on the form 8606 in the year of the non deductible contribution. Using that info the program will automatically put the earnings on the return as taxable.
‎September 16, 2022
8:23 PM