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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!
March 7, 2023
7:54 PM