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