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Level 2
posted Feb 22, 2024 7:59:10 PM

Backdoor conversion to Roth

I contributed $1,500 to a Traditional IRA with a $0 balance on Dec 23, 2023, and transferred the money to a Roth IRA on December 31. However, the transaction processing took a few days and the money was converted on January 5, 2024. I received the 2023 Form 5498 IRA Contribution, showing a $1,500 IRA contribution. I expect to receive the Form 1099-R in 2024. Should I report this conversion in 2024? What should I enter for 2023?

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1 Best answer
Level 15
Feb 22, 2024 9:19:08 PM

Report the conversion in 2024 and the contribution in 2023. 

1 Replies
Level 15
Feb 22, 2024 9:19:08 PM

Report the conversion in 2024 and the contribution in 2023.