AnnetteB6
Expert Alumni

Retirement tax questions

Yes, you are on the right path for using the backdoor method to contribute to a Roth IRA through converting non-deductible contributions made to a Traditional IRA.  

 

Be sure that you report the non-deductible Traditional IRA contribution as part of your 2024 tax return so that the basis (non-deductible contribution) is captured on Form 8606.  This will help you next year when you report the conversion to the Roth IRA.  

 

@manojmenon123 

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