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Roth IRA tax implications question
Posted on 5/22/16 at 12:44 pm
Posted on 5/22/16 at 12:44 pm
My wife and I made monthly contributions to Roth IRA accounts in 2015. Informed by CPA that we were not eligible to contribute anything to the accounts because we had a bump in income compared to last year. Hers is with vanguard, mine is with Edward Jones. The EJ adviser recharacterized to Traditional IRA then converted back to Roth IRA stating that there was no limit on conversions. Vanguard just got moved to Traditional IRA and stayed there.
Both of the 5498 forms for 2015 report $5500 contributed in Roth IRA. Its all over my head. I just want to make sure I'm in the clear. Will the rechacterizations show up on next years 5498 forms?
Both of the 5498 forms for 2015 report $5500 contributed in Roth IRA. Its all over my head. I just want to make sure I'm in the clear. Will the rechacterizations show up on next years 5498 forms?
1
Posted on 5/22/16 at 1:51 pm to Bonjourno
This is called a backdoor Roth.
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