topic Re: How to report 2023 Traditional IRA contribution made on 4/2/24 and rolled over to Roth in 2024 on 4/3/24 so that the no deduction for traditional IRA taken for 2023 in Investors & landlords

How to report 2023 Traditional IRA contribution made on 4/2/24 and rolled over to Roth in 2024 on 4/3/24 so that the no deduction for traditional IRA taken for 2023

Wish2 — Wed, 11 Feb 2026 10:45:30 GMT

Contribution to Traditional IRA for 2023 was made on 4/2/24. The next day 4/3/24, the same traditional IRA was distributed and rolled over into Roth IRA. The brokerage firm issued 2023 Form 5498 for the traditional IRA contribution but will issue the 1099-R for the conversion in 2024

Since the rollover was done in 2024 from the 2023 traditional IRA, the 1099-R has not been issued.

Do I show the traditional IRA contribution for 2023, and take a deduction?

If so, when the 1099-R will be issued in 2024, the Traditional IRA distribution of 2023 will be taxed in 2024 because the 2023 IRA contribution was deducted on the 2023 tax return.

How to handle this case using form 8606 Backdoor Roth IRA conversion so the 2023 traditional IRA contribution and rollover to Roth IRA in 2024 are reported properly?

Re: How to report 2023 Traditional IRA contribution made on 4/2/24 and rolled over to Roth in 2024 on 4/3/24 so that the no deduction for traditional IRA taken for 2023

Anonymous_ — Fri, 20 Dec 2024 02:43:54 GMT

Re: How to report 2023 Traditional IRA contribution made on 4/2/24 and rolled over to Roth in 2024 on 4/3/24 so that the no deduction for traditional IRA taken for 2023

dmertz — Mon, 14 Oct 2024 16:35:25 GMT

The nondeductible traditional IRA contribution made for 2023 is reportable on your 2023 tax return (2023 Form 8606 Part I). Nothing about the Roth conversion goes on your 2023 tax return.

The Roth conversion performed in 2024 is reportable on your 2024 tax return (2024 Form 8606 Parts I and II).