DanaB27
Expert Alumni

Retirement tax questions

A contribution that you make in 2020 for 2019 is deemed to be have made on December 31, 2019. Therefore, you will answer $7,000 for the basis on December 31, 2019.

 

You removed the whole balance of your traditional IRA's? Or did you have any traditional IRA's with a balance left? If yes, the only some of the nondeductible contribution will allocated to the conversion. The rest of your basis would be allocated to the amount left in the traditional IRA. Please make sure you enter the value of all your traditional IRA's on December 31, 2020.

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