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nicole2
Level 1
December 7, 2019
Solved

Nondeductible IRA contrib of 5000 & converted 5415 IRA to Roth. software is using the nondeductible IRA to reduce the taxable amt of roth convrsn. Is this a glitch

  • December 7, 2019
  • 1 reply
  • 9 views

These are 2 separate  transactions.  NOT the same $5,000

 

This topic has been closed for replies.
Best answer by sjrcpa

The basis of all IRA accounts is used when calculating the taxable portion of an IRA distribution.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

The basis of all IRA accounts is used when calculating the taxable portion of an IRA distribution.

The more I know the more I don’t know.
rbynaker
rbynaker
Level 13
December 7, 2019
Yeah, I remember there's some wacky calculation that takes place if you have contributions and distributions in the same year.  I think it's in one of the 590 pubs.  But they split them a couple years ago and I couldn't tell you if it was in A or in B (or both since I think it impacts both calculations).
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