Trad IRA/Roth Conversion: In 2021 I invested $10K in a mutual fund. In 2023, I converted this fund to Roth when it was worth $8K. Taxes due are based on $10K or $8K?

posted

@Steverino78 - $8k. Sounds like you did an "in kind" transfer. The taxable amount of the Roth conversion is based on the closing price of the mutual find on the day you did the conversion.

Backdoor Roth IRA 2024 - Turbotax is taxing the entire amount of the conversion (which is incorrect - the conversion amount is the same amount as the basis from the non-deductible IRA that I am converting to Roth.

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Trad IRA/Roth Conversion: In 2021 I invested $10K in a mutual fund. In 2023, I converted this fund to Roth when it was worth $8K. Taxes due are based on $10K or $8K?

Trad IRA/Roth Conversion: In 2021 I invested $10K in a mutual fund. In 2023, I converted this fund to Roth when it was worth $8K. Taxes due are based on $10K or $8K?

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Trad IRA/Roth Conversion: In 2021 I invested $10K in a mutual fund. In 2023, I converted this fund to Roth when it was worth $8K. Taxes due are based on $10K or $8K?

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Trad IRA/Roth Conversion: In 2021 I invested $10K in a mutual fund. In 2023, I converted this fund to Roth when it was worth $8K. Taxes due are based on $10K or $8K?

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