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posted May 31, 2019 11:36:14 PM

2016 Roth Contributions?

In Jan. 2017 I opened a Traditional IRA with $6,500 (I am over 55) for 2016 and funded another $6,500 for 2017. Then on Feb. 2 I moved the total ($13,000) funds to a ROTH IRA (using the Backdoor Roth IRA process). When completing my 2016 tax return now, do I include any of these transactions or wait to report them on my 2017 tax return?

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1 Best answer
Level 15
May 31, 2019 11:36:14 PM

The traditional IRA contribution for 2016 must be reported on your 2016 tax return.  The traditional IRA contribution for 2017 and the Roth conversion must be reported on your 2017 tax return.

1 Replies
Level 15
May 31, 2019 11:36:14 PM

The traditional IRA contribution for 2016 must be reported on your 2016 tax return.  The traditional IRA contribution for 2017 and the Roth conversion must be reported on your 2017 tax return.