Back door Roth IRA for previous year

[Praveen2389]

Hi,

I have already filed taxes for 2024. But I just learnt about back door Roth IRA option. So I’m trying to fund my traditional Ira with after tax money now (from bank’s savings account) and convert it to Roth IRA for 2024. 

1. As both the contribution and conversion is happening in 2025, should I not worry about filing a tax amendment for 2024 or is there anything to report on 2024 tax filings?

2. Contribution limit for 2024 is 7000. So can I invest 7000 and my spouse invest 7000. Or is it combined 7000 for back door Roth IRA?

3. Should me and my spouse have separate IRA accounts or is one account enough?

4. Should my spouse and me invest from our respective bank accounts or can it be sourced from any one of our bank accounts?

[fanfare]

First, make sure the custodian is marking your contribution, for 2024 by Tax Day April 15 2025.

Then you have to amend your 2024 tax return to report an elected  non-deductible Traditional IRA contribution of $7,000 and attach a 2024 Form 8606.

Your spouse can do the same with her IRA.

Done that way, you are able to do a Roth conversion in 2025 with your 2025 contribution(s), if any. in aaddtion to your 2024 contribution.

@Praveen2389