If I haven't done so already can you still open a Traditional IRA and convert it to a Roth for 2015?
I'm pretty sure you can but wasn't sure if the conversion had to be done in 2015 or by 4/15/16..
thanks..
too late for backdoor roth ira conversion?
Re: too late for backdoor roth ira conversion?
Sure you can. Even if you contribute for 2015, the conversion will go on your 2016 return. You can do multiple conversions in the same year. Be aware that a recharacterization has consequences.
Repeat after me: A contribution is not a conversion is not a recharacterization is not a contribution is not a conversion is not a reharacterization.
Repeat after me: A contribution is not a conversion is not a recharacterization is not a contribution is not a conversion is not a reharacterization.
Re: too late for backdoor roth ira conversion?
I think I got it.. to be clear I would make a 2015 non deductible IRA contribution for $5500 and immediately convert to a Roth. The conversion would be reported on my 2016 taxes. If I was to make a 2016 nondeductible contribution in year 2016 for $5500 I would report both conversions of $11k on my taxes for 2016..
A contribution is not a conversion is not a characterization is not a contribution is not a conversion is not a characterization.
A contribution is not a conversion is not a characterization is not a contribution is not a conversion is not a characterization.