My income is above the threshold, thus I figured doing the Backdoor Roth IRA will help. I opened a Traditional IRA in late 2024 which has 0 fund.
My contribution of post-tax money to Traditional IRA:
- $7000 in February 2025 for the 2024 tax year
- $7000 in March 2025 for the 2025 tax year
Conversions:
- Converted $14000 from Traditional IRA to Roth IRA in March 2025
For tax-reporting:
- 2024 Tax Return (filed in 2025): I presume I need to report 2024 $7000 non-deductible contribution on Form 8606? But I do not have 1099R for 2024 from my brokerage firm. Is this a problem?
- 2025 Tax Return (filed in 2026): I presume I need to report 2025 $7000 non-deductible contribution on Form 8606? And I would have 1099-R that says I converted $14000 to Roth IRA?
Is there a problem converting $14000 in 2025 Tax return? Any tax implication? Did I do this right?
Thank you