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Retirement tax questions
Thank you for the answer.
So for the 1st point, as I am planning to do Roth IRA rollover in 2020, in 2019 tax return, I just specify 2019 Traditional IRA contribution and at the end of the interview questions, it shows the message that my contribution is NON-DEDUCTIBLE. That is all I need to do for 2019, correct?
And when, 2020 tax filling season comes, at that time, I need to enter the details about 1099R details and they will apply any taxes on the earnings I had on the contribution from Jan 2019 (that is when I contributed) till Feb 2020 (that is when I plan to rollover) correct?
For point#2, It is cear now about Immediate factor. In my case, I need to bear the taxes on the earnings which I will be paying in 2020 tax return right?
‎February 21, 2020
9:06 AM