Thank You TurboTax AnnetteB.
1. Does the second part of the process get recorded on the 2016 or 2017 tax return if I made the nondeductible TIRA contribution in 2017 for the 2016 tax year and converted it to a Roth the next day?
2. Is the 1099-R issued by the trustee immediately, at the time of the distribution?
3. If had had zero basis before, will the status of my TIRAs be altered in any way after the backdoor conversion of the nondeductible amount plus interest is completed?
4. How does the process differ if I'm eligible to make a portion of the TIRA contribution deductible (i.e. $1000) and I want to leave that portion in the TIRA while also doing a $4500 backdoor Roth contribution (nondeductible TIRA contribution and conversion to a Roth)?
