Hi,
Would someone please help with what to enter for TIRA 2020 year end balance.
I max my IRA contributions within the calendar year, every year. I only have 1 TIRA and only use it for back door RIRA conversions (it never has a balance after the conversions)
Early in 2020 (for 2019 taxes) I rechar'd some 2019 RIRA contributions to TIRA then converted all TIRA balance back to RIRA. I did the same thing in 2021 (for 2020 taxes).
My 2020 TIRA form 5498 shows $0 in box 5 (year end value)
Q1: TT says to "include any IRA contributions you made or will make in 2021 for 2020."
Does the rechar & conversion count as a "contribution for 2020" or is $0 the correct answer with my above situation?
Q2: TT says to "include any IRA distributions you made in 2019. The amount you enter must be at least the amount of your distributions."
Does the rechar & conversion count as a ”2019 distribution" or is this also $0 based on my above situation?
I think I can list the value of my TIRA as $0 but the 2 "include any..." caveats TT threw in there made me uncertain.
Any help will be greatly appreciated,
Thanks,
JD7
