In 08/2015, I opened a traditional IRA account and made a $5500 non-deductible contribution for 2015 (not qualified for IRA contribution deductions because of high income). At that time, I did not know about backdoor Roth IRA conversion.
In 01/2016, I made a $5500 non-deductible contribution to this traditional IRA account for 2016. After a couple days I converted all of my traditional IRA balance to Roth IRA.
I recently received the 2016 Form 1099-R. It lists box 1 gross distribution $10926, box 2a $10926, box 2b is checked, box 7 is coded 02, IRA/SEP/SIMPLE box is checked.
I am preparing my 2016 tax return. I read a few tax articles, but am still not sure how to report this backdoor Roth IRA conversion correctly. Could you please help me? I would greatly appreciate it.
