- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
No, the contribution was after -tax dollars. Hence all this confusion about having to pay taxes on converting it to a roth IRA. I was told by my institution I would have to only pay taxes on any gains I made when the $1000 was in my traditional IRA, which was essentially $0 bc i converted the $1000 immediately to roth IRA. I do not have any form 8606 (how to get?) but I do know how much I contributed non-deductible traditional IRA.
In this case, my basis would be $1000, correct? Thank you
March 2, 2021
2:52 PM