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Retirement tax questions
Thank you so much.
So when asked about total contributions to traditional IRA account, the correct answer is 'zero' then since I technically did not contribute to the traditional IRA account but 'recharacterized' funds to that account only to be transferred back to the roth IRA account. Is this correct?
I tried the alternative by putting the amount I 'received' from the recharacterized roth account and my contribution doubled requiring me to pay 6% tax on the excess further down the line. So it seems because of my route to the backdoor roth, my traditional IRA contribution is supposed to be 'zero'. right? Thanks
March 23, 2021
8:14 PM