Backdoor Roth IRA Conversion

kak — Sat, 15 Dec 2018 16:11:33 GMT

I want to wait until 2019 to perform a backdoor Roth conversion for my 2018 taxes, i.e., funding the traditional IRA and perform the conversion to a Roth IRA. Is this allowed or do I have to complete the backdoor conversion in the same physical year as the tax year, i.e., 2018

Re: Backdoor Roth IRA Conversion

FatalAura — Thu, 06 Feb 2020 15:31:23 GMT

Yes, the conversion must take place in the same year as the nondeductible IRA. You need to complete Form 8606 and submit , along with your 1099-R and a copy of Form 5498. You will receive a letter from the IRS if you don't. I started doing the conversion in 2015 and I have managed to receive 2 letters from the IRS and the documentation mentioned above fixed it both times.

I have yet to get the whole thing to work in Turbo-Tax, there are no clear instructions. It increases my taxable amount and there is no Form 5498 available.

https://www.irs.gov/publications/p590a

https://www.irs.gov/forms-pubs/about-form-8606

topic Backdoor Roth IRA Conversion in Get your taxes done using TurboTax

Backdoor Roth IRA Conversion

Re: Backdoor Roth IRA Conversion