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Converting non-deductible IRA contribution to Roth IRA
I opened a traditional IRA Account in 2019 and made a $3000 after-tax contribution. In reality I wanted to get a Roth IRA because I already had a employer sponsor 401k but I wasn't well informed. I make over the income limit to qualify for deductible contributions to a traditional IRA. I filed my 2019 taxes and Turbo Tax created a 8086 for non-deductible IRA contribution. I haven't made any others contributions to that account.
I want to transfer/convert those funds to a Roth IRA account now.
What is the best way to do this?
How do I report this on the 2020 tax return?
Topics:
‎July 27, 2020
3:50 PM