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IRA Basis

Let's say that at June 1 2020 my Traditional IRA has a balance of 0.  Then on Feb 1 2021, I make a nondeductible contribution of $6000 and immediately convert it to a Roth.  On Feb 1 2022, I make a nondeductible contribution of $6000 and immediately convert it to a Roth.  What is my traditional IRA basis at Dec 31. 2020 and what is my traditional IRA basis at Dec 31. 2021?

 

Thanks

 

Tom

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5 Replies
FangxiaL
Expert Alumni

IRA Basis

If the first $6000 is a contribution for tax year 2020, your basis as of 12/31/2020 is $6000. If the 2nd $6k is a contribution for 2021, your basis as of 12/31/2021 is $6k.  

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IRA Basis

Thank You!

IRA Basis

this is all shown on your Form 8606 if you filed it correctly.

IRA Basis

I have 2 amounts in Box 14 of my W-2...   414H - $6,61.75  and  PT Med&FSA - $5,375.84...  NJ is taking those amounts and adding them to Box 1, which increases my wages by $11,638.  I know 414H is the State Deferred Pension Plan... Why would NJ pick that up as income?

 

Thanks

 

Tom

FangxiaL
Expert Alumni

IRA Basis

We have the same in NY. It is an add-back on state income tax because when you are retired, the pension income is tax-free for your state income tax purposes. It is still taxable for federal purposes, though. 

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