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2024/2025 Backdoor Roth IRA question, timing and tax implication

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
 

 

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1 Reply
MaryK4
Employee Tax Expert

2024/2025 Backdoor Roth IRA question, timing and tax implication

For 2024, you will complete the 8606 to report the nondeductible 2024 traditional IRA contribution (made in 2025) only.  You do not need the 1099-R for this. Next year you will receive the 1099-R for the conversion and will report it and the 2026 nondeductible contribution.  

There will be no problems reporting the $14,000 conversion for 2025 because that is when you made the conversions which is acceptable.

 

You may want to book mark this link with the instructions- because you will be doing the first part now and report the conversion in 2026.  How do I enter a backdoor Roth IRA conversion?

 

 

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