reneetax
Level 1
02-24-2022
11:16 AM
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I have a client that contributed in 2021 $7K to a traditional IRA and then converted in same year to a ROTH IRA(back door ROTH). The 1099-R had code 2.
The 1040 looks like this:
4a IRA distribution of $7,000 and 4b taxable amount $7,000. Also, there is a rollover of $30,322, but was not from a IRA/SEP/SIMPLE. She had a 401K from the past that she rolled over. Do I need to know if she rolled it over to her IRA or SEP?
Also, the Form 8606 has only Part II completed with line 16 for $7,000. The rest of the form is blank.
I appreciate any help I can get!