@nicholetuck wrote:
@macuser_22 Ahh ok thank you! I was also just reading another post you wrote about backdoor roth contributions(link below), which is the end game for this nondeductible contribution. Should I go ahead and do it to report it on this years taxes? Or will it take too long to get the 1099-R? Is there a drawback one way or the other if I was to report it on this years taxes versus next years?
https://ttlc.intuit.com/community/retirement/discussion/can-i-make-a-nondeductible-traditional-ira-a...
Your 2019 non-deductible *contribution* can only be reported on a 2019 8606 form fie with your 2019 tax return.
If you do a Roth conversion in 2020 than that is a 2020 conversion that will be reported on a 2020 1099-R and go on your 2020 tax return next year. (The July 15 due date only applies to IRA *contributions*. Distributions/conversions are done and reported in the calendar tax year that they are done.)
**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.**
