Anonymous
Not applicable

Retirement tax questions

Thanks.

Just to clarify: The $3000 contribution to Roth IRA become only $2886 when being transferred to Traditional IRA. So are you suggesting me to:

1. Not report the $3000 contribution to Roth IRA. Only report $2886 contribution to Traditional IRA.

2. Report $3000 contribution to Roth IRA. Also report $2886 contribution to Traditional IRA.

 

If I follow #2, my total contribution to all IRA for 2021 will exceed $6000 (due to other contributions to Traditional IRA that I made for 2021) and I think TurboTax will make me pay the fine.