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sd_2024
March 23, 2024
Question

Backdoor roth IRA twice in a year

  • March 23, 2024
  • 1 reply
  • 0 views

Hello all,

 

Would need some help related to Backdoor Roth IRA which was done twice in a single calender year (one from previous year and one for the current year). Here are the timelines:-

 

1. Amount contributed in Jan 2023- $3000 for year 2022

2. Amount contributed in Sep 2023 - $4500 for year 2023

 

I got an 1099-R which has a taxable value for $7500 - can someone help how to enter this correctly in Turbo tax premium. Looks like we are getting taxed twice.

 

Thanks,

1 reply

fanfare
fanfare
Employee
March 23, 2024

Did you take a deduction of $3,000 for IRA contribution on 2022 tax return?

If so, you will be taxed on that conversion.

If not, what does your most recent (2022) Form 8606 say?

 

Did you take a deduction of 4,500 for IRA on 2023 tax return?

If so, you will be taxed on that conversion.

If not, what does your current (2023) Form 8606 say ?

@sd_2024 

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