- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Back door Roth IRA for 2022 year
Posted on 4/12/23 at 8:28 pm
Posted on 4/12/23 at 8:28 pm
So the deadline to do a Roth back door for 2022 calendar year was December 31? This is what my tax person told me. I just put in 6000 two weeks ago into traditional ira and then rolled into Roth IRA once funds settled. She is telling me that has to be counted for 2023 taxes. Is this correct?
5
Posted on 4/12/23 at 8:34 pm to RevolverKing
Take a look at IRS Form 8606. This is what you have to fill out for the Roth back door contributions, and it says you can characterize anything before 4/18/23 as a 2022 contribution.
Posted on 4/12/23 at 8:36 pm to DumpsterFire
Yeah that’s what I thought too, she is trying to say otherwise. I’ll call her again tomorrow.
Posted on 4/12/23 at 9:04 pm to DumpsterFire
quote:
Take a look at IRS Form 8606. This is what you have to fill out for the Roth back door contributions, and it says you can characterize anything before 4/18/23 as a 2022 contribution.
This. It is a more complicated in terms of how the forms have to be completed and filed, but is very doable. I’ve done it before, but due to the extra headache, I contribute and convert within the same calendar year.
The white cost investor has a very good walkthrough on late contribution back door Roth IRA FYI.
ETA LINK to white coat investor blog
This post was edited on 4/12/23 at 9:06 pm
Posted on 4/12/23 at 9:33 pm to RevolverKing
Y'all be confused. The contribution itself can count for 2022 as long as it's coded correctly. The conversion has to count for 2023.
Everything is happening as needed. The contribution isn't deductible. This will show up on your 2022 5498 you'll receive next month. The conversion isn't taxable. The IRS won't even know about the conversion until they get the 1099 next year.
Y'all are just speaking different languages.
Everything is happening as needed. The contribution isn't deductible. This will show up on your 2022 5498 you'll receive next month. The conversion isn't taxable. The IRS won't even know about the conversion until they get the 1099 next year.
Y'all are just speaking different languages.
Posted on 4/12/23 at 9:38 pm to RevolverKing
quote:
She is telling me that has to be counted for 2023 taxes.
The conversion has no deadline. You can convert whenever you want.
The deadline for making a contribution to an IRA for 2022 is all that matters for you in this situation, and that is 4/18/23.
Posted on 4/13/23 at 9:07 am to RevolverKing
Find a new tax person.
I did one for 2022 in February. Should be able to up until tax day in April.
I did one for 2022 in February. Should be able to up until tax day in April.
Posted on 4/14/23 at 9:25 am to RevolverKing
I really need to learn how to do the back door Roth. Does anyone have a very good tutorial that explains how to do one?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News