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Retirement tax questions
Yes, if the contribution was for 2020, the 1099-R should also be for 2020. The main advantage of a backdoor Roth IRA is that you pay taxes upfront on your contributions, and everything after that is tax-free, for you it means you have to pay taxes on the conversion now. Contact your financial institution to make sure how they handled the conversion.
‎February 28, 2021
7:02 PM
10,767 Views