Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
- Posts: 210
- Joined: Mon Mar 18, 2013 8:43 pm
Just did my first backdoor roth conversion for my wife and I through Vanguard. I funded a 2012 IRA, then converted to Roth. The Vanguard rep told me that since the conversion happened in 2013, I pay the taxes on the conversion on my 2013 taxes and don't need to do anything for my 2012 taxes except acknowledge I made a non-deductible IRA contribution. Is my understanding correct? Thanks!
- Posts: 53
- Joined: Sat Feb 09, 2013 11:23 am
I think that is right. I think you want to acknowledge the 2012 after tax contribution on form 8606 in the filing due this year so that it is recorded as part of the basis when you show the rollover in the filing due next year.
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