I am in NY, with income now over roth contribution limit.
In 2021 , I put 6000 to roth before my income went over limit. Then went over income limit and no longer qualify. In 2022 February, i recharacterized 5200 to traditional IRA (800$ loss). I just filed 2021 taxes and included the recharacterization.
Now in 2022, I want to add another 6000 to traditional, and convert ALL (5200 from recharacterization + 6000 i put into traditional), into Roth.
Can I do this? If so How do I file this? Since 5200 is from recharacterization (and i filed this in 2021 taxes), and 6000 i want to do as part of 2022!. I want to do this before 5200 loses or gains money to maybe simplify my taxes?
Will I be taxed extra (its all post tax money technically...)
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Yes, you can do this and you should not be taxed on the contributions because you did not and will not take the deductions.
For the 2021 tax return, you made a $6k contribution to the traditional IRA (Roth IRA recharacterized to traditional IRA), and you can contribute $6 to your traditional IRA for the tax year 2022. You will enter on your 2022 tax return the $6k as a contribution to your IRA. Convert the traditional IRA to Roth IRA before you invest the fund(in the near future), you will receive a 1099-R form early next year and enter the form on your 2022 tax return. If you don't take the deduction of $6000 on your 2022 tax return, it should be a non-taxable event unless there are any earnings between now and the time you convert.
will the 1099-R be like 12000 since i'll be converting the 5200 sitting in my account from the recharacterization from 2021 tax year, and the new 6000 i contribute for 2022 will also be converted to roth? so in 2022 i will convert around 12000 to roth from my traditional account.
Be aware that you recharacterized $6,000, not $5,200. $5,200 is the loss-adjusted amount transferred, not the amount recharacterized.
Your 2021 Form 8606 will show $6,000 on line 14 that will carry forward to line 2 of your 2022 Form 8606 to be added to your nondeductible contribution shown on line 1 of the 2022 Form 8606. This sum will be used in calculating the taxable amount of your 2022 Roth conversion.
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