I did a back-door Roth in 2023. Contributed $6,500 for each myself and wife into our individual Trad. IRAs, then converted to each of our Roth accounts (dollar for dollar, no earnings, etc.).
The contributions to the Trad. IRAs were recorded and are considered non-deductible contributions - therefore there is no tax on the conversion to Roth.
Even though my custodian mailed me a 1099-R, is it absolutely REQUIRED for me to report these transactions on my tax returns? I suppose the heart of my question is if I know for 100% certainty there is no tax to pay (or deduct), do I NEED to go about the extra step?
I don't need "why not just report".. etc. etc. questions. All I am asking is if it's a REQUIREMENT to file the transactions with the assumption there is $0 tax liability.
Thanks
The contributions to the Trad. IRAs were recorded and are considered non-deductible contributions - therefore there is no tax on the conversion to Roth.
Even though my custodian mailed me a 1099-R, is it absolutely REQUIRED for me to report these transactions on my tax returns? I suppose the heart of my question is if I know for 100% certainty there is no tax to pay (or deduct), do I NEED to go about the extra step?
I don't need "why not just report".. etc. etc. questions. All I am asking is if it's a REQUIREMENT to file the transactions with the assumption there is $0 tax liability.
Thanks
Statistics: Posted by investmentlife — Thu Jan 25, 2024 5:07 pm — Replies 8 — Views 519