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Retirement tax questions
The answer to your question is neither. A Traditional IRA conversion to a Roth IRA is not considered to be a contribution to the Roth IRA.
Since your non-deductible Traditional IRA contribution was for 2020, you will enter that contribution as part of your 2020 tax return and show that it is non-deductible.
Then, in early 2022 you will receive a Form 1099-R for 2021 that will show the distribution from the Traditional IRA. This Form 1099-R will be included as part of your 2021 tax return and you will indicate that the distribution was converted to a Roth IRA.
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ā€ˇFebruary 27, 2021
11:43 AM