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Retirement tax questions
If i am correct and this is the first time you are doing it then -
Other Contributions Previously Taxed by Massachusetts - $6500
And the second question, Total Distributions Received in Previous Years” - $0
If you do the same for 2024 ($7000 is the limit), then the respective amouts are - $13500 and $6500.
This way you can keep a cumulative track if I am correct. That's what i did this year as 2022 was my first time doing back door roth ira.
Cumulative is the correct way in case you start mismatching contributions and conversions.
Check this page out - https://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html
Might be helpful.
March 10, 2024
10:01 AM