SlosbergTax
Level 1
03-18-2021
12:39 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client is a doctor. He and his wife make way over the amount permissible for a Roth IRA contribution. So, last week, the doctor contributed $7000 for himself and his wife to a nondeductible traditional IRA... Then, 2 days later, converted both of those contributions to a Roth IRA. This was done for tax year 2020, but the contributions and rollovers happened in March of 2021. So, no 1099-R's. They have no basis in their traditional IRAs other than the $7000 each just contributed. Everything else has already been converted to Roth, Do I just go to Screen 24 and enter the traditional IRA contributions (nondeductible )? What are the steps to a backdoor Roth? Anyone?
Labels