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elizabethelmoreesq

Question

Why am I being taxed on a backdoor roth done in early 2024 for the 2023 tax year?

Forum|Forum|1 year ago
March 7, 2025
1 reply
0 views

In March 2024, I contributed $ to a traditional IRA fo the 2023 tax year and immediately rolled it over to a roth IRA. I have already paid taxes on this money. But now it appears I'm getting taxed for the traditional IRA distribution ($6500) on my 2024 taxes. I'm pretty sure that's not supposed to happen, but I'm at a loss for what to do! I'd be really grateful for any suggestions (speak to me like I suck at taxes, please).

Employee

Check your 2023 tax return for a Form 8606 showing $.

If it is missing or incorrect, that is the source of your problem.

If it is there but you did not import the data to 2024 tax return, that is the source of your problem.

@elizabethelmoreesq

Employee

If you took a deduction of $ on your 2023 tax return.

then your Roth conversion of $ will be taxed on your 2024 tax return.

the two essentially cancel out depending on your tax rate in both years.

@elizabethelmoreesq