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ROTH iRA Conversion
I retired in Aug 2021. I rolled over my 401K to a Traditional IRA in September 2021. In Jan 2022, I opened a Traditional IRA for $7,000 dollars. This IRA was non deductible due to income limits. I converted it into an existing ROTH in Jan 2022.
The $7,000 IRA contribution is listed as a conversion on my brokerage statement, is there anyway to reverse this?
If not, do I report the non deductible $7,000 IRA contribution when I file my 2021 taxes and figure my basis to include the 401 K roll over from 2021?
I think I report the Roth conversion on my 2022 taxes when I recive the 10099R, is that correct?
Thanks
Thanks
‎February 15, 2022
9:31 AM