@unicorn1988 wrote:
I don't see any of the questions after I uploaded the 1099-Rs (I have 3 of them: 2 from different companies of code G, and 1 of GB). When I enter my IRA info in the Tax Break section, I was told "Income too high to deduct an IRA contribution". Does this affect the legibility of my backdoor IRA? Could someone please help?
A code G is a direct trustee-to-trustee rollover of an employer retirement plan such as a 401(k).
A code GB is a direct trustee-to-trustee rollover of an employer retirement plan such as a designated Roth (401(k) Roth).
Nothing should be entered into the IRA contribution section for either of these.
If you have any any yer end balance in any Traditional IRA account, the "backdoor Roth" will not work - some or most will be taxable.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
