Question

Backdoor roth x2 question

Forum|Forum|4 years ago
March 11, 2022
1 reply
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Hello, I rolled over two $6k IRA contributions in 2021 to Roth IRA aka "backdoor Roth". They both were done before April 2021, and one was for contribution year 2020. Do I report both on my 2021 taxes even though one was for 2020?

D

dmertz

Employee

The contribution for 2020 goes on your 2020 tax return, resulting in the $6,000 appearing on Form 8606 line 14 to be carried forward to line 2 of your 2021 Form 8606. The contribution for 2021 and the Roth conversion go on your 2021 tax return. Your 2021 Form 8606 will then show a total of $12,000 of basis reducing the taxable amount of the Roth conversion (to zero if you converted $12,000 or less and you had no other funds in traditional IRAs at the end of 2021).