Anonymous
Not applicable

Retirement tax questions

Hi @FangxiaL 

This is extremely helpful and clear. Thank you! I followed the steps and see my backdoor IRA taxable amount being $0.

I am experiencing the same exact situation but with tax year 2021 and 2022 (instead of 2020 and 2021). Before doing #9 in STEP 1, do I need to file Form 8606 for 2021 in order for me to establish the basis amount listed in #9 ($7000)? And should I wait for IRS to receive the Form before I file for my tax return this year?

Thank you!