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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- How do you treat Backdoor Roth IRAs contributions for clients on their individual tax return?
How do you treat Backdoor Roth IRAs contributions for clients on their individual tax return?
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ajnavuk-gmail-c
Level 1
04-23-2021
08:16 AM
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1 Comment 1
qbteachmt
Level 15
04-23-2021
11:15 AM
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It's the same as a nondeductible contribution + a conversion in 2021.
Example here: https://www.merriman.com/wealth-enhancement/how-to-report-a-backdoor-roth-ira-contribution-on-your-t...
As long as the person has no other deducted contributions or earnings in any Traditional IRA, this will be nontaxable Conversion. Otherwise, this nondeductible amount is part of the % that is not taxable, but the Total basis and Total account(s) balance(s) across all Traditional IRA accounts is used for how much will be taxable upon conversion. See this article:
https://www.irs.gov/instructions/i8606
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