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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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.
Thank You!
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
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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