Reporting a backdoor Roth conversion is a two-step process. Enter the non-deductible contribution to a traditional IRA first.
You’ll receive a Form 1099-R with code 2 in box 7 (or code 7 if your age is over 59 ½) in the year you make your Roth conversion. You should report your conversion for the year you receive this 1099-R:
- If you received this form in 2022, complete both steps to report it on your 2022 taxes
- If you'll receive this form in 2023, wait to report it on your 2023 taxes. In this case, only complete Step 1 below for your 2022 taxes. You’ll complete both steps next year when filing your taxes for 2023
Click this link for the steps on Entering a Backdoor Roth Conversion.
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