Solved: Opened up a trad IRA May 2018, passed income limits to be deductible. I now need to convert to Roth-How to handle 2018 / 19 tax years...or can I do everything in 2018?
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Opened up a trad IRA May 2018, passed income limits to be deductible. I now need to convert to Roth-How to handle 2018 / 19 tax years...or can I do everything in 2018?

 
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Level 15

Opened up a trad IRA May 2018, passed income limits to be deductible. I now need to convert to Roth-How to handle 2018 / 19 tax years...or can I do everything in 2018?

The traditional IRA contribution and the Roth conversion are separate transactions.

A Roth conversion performed in 2019 will be reportable on your 2019 tax return.

You'll only enter your traditional IRA contribution into 2018 TurboTax.  TurboTax will prepare 2018 Form 8606 Part I to show the nondeductible contribution, with the amount on line 14 carrying forward to 2019 to be included on your 2019 Form 8606 line 2.

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Level 15

Opened up a trad IRA May 2018, passed income limits to be deductible. I now need to convert to Roth-How to handle 2018 / 19 tax years...or can I do everything in 2018?

The traditional IRA contribution and the Roth conversion are separate transactions.

A Roth conversion performed in 2019 will be reportable on your 2019 tax return.

You'll only enter your traditional IRA contribution into 2018 TurboTax.  TurboTax will prepare 2018 Form 8606 Part I to show the nondeductible contribution, with the amount on line 14 carrying forward to 2019 to be included on your 2019 Form 8606 line 2.

View solution in original post

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