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How do I report postponed contributions to backdoor Roth on my taxes?
I live in California where, due to the disaster relief designation this year, we don't just get to file by Oct 16, we also get to make IRA contributions until then.
But I'm really confused how to report it in my taxes. I'm trying to do a backdoor Roth IRA. I funded the traditional IRA with $6000 last week at Fidelity and had them reclassify it as a 2022 postponed contribution. They told me to report it on the 2023 taxes with Form 5498 (boxes 13a-c).
Does that mean I just file my taxes for 2022 without mention it at all? Or do I still need to file form 8606 for 2022? This is all very new to me -- I've never had an IRA before, I've never done a Roth conversion and this postponed business is making things even more complicated for me. Help?
‎October 13, 2023
10:18 PM