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Choose Not to Deduct IRA Contributions Section -My income was less than $75,000 and I did the backdoor conversion. Do I want to make my IRA contributions nondeductible?
I'm confused on the section "Choose Not to Deduct IRA Contributions." My income was less than $75,000 and I did the backdoor conversion. I'm now getting a message that says I have a 2020 deductible traditional IRA contributions of $2,280. Is this correct? Do I want to make my IRA contributions nondeductible? The $6000 is my after tax money and I want to make all of the $6000 nondeductible, but it says that my max I could make nondeductible is $2,280. I already converted the $6000 from traditional IRA to roth IRA in the same year and almost immediately.
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March 27, 2021
11:05 PM