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Retirement tax questions
You can only report the first half of the back door Roth IRA conversion on your 2023 tax return. The second half will be on your 2024 tax return.
You mentioned that you have already entered the non-deductible Traditional IRA contribution as part of your 2023 return. That is all you can report at this time.
When you convert a Traditional IRA to a Roth IRA, the conversion is reported on your return based on the calendar date of the conversion. It is not associated with a particular tax year (like 2023). Since the conversion took place in 2024, it will be reported on your 2024 tax return after you have received the 2024 Form 1099-R showing the Traditional IRA distribution.
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‎April 6, 2024
7:03 AM
5,501 Views