JohnB5677
Expert Alumni

Retirement tax questions

1. In terms of tax reporting you have done everything correctly thus far.  

 

2. You can convert the $590 and the $6,000 transaction into your ROTH together.

 

3. Your tax reporting for tax year 2020 will show deductible traditional IRA contributions that are recharacterized to a taxable ROTH conversion.

 

A backdoor Roth IRA allows you to get around income limits by converting a Traditional IRA into a Roth IRA. Contributing directly to a Roth IRA is restricted if your income is beyond certain limits, but there are no income limits for conversions.

Doing a backdoor Roth conversion is a two step process.

TurboTax Online

TurboTax CD/Download

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