First, the instructions above are very clear and the guidance provided in the comments section helpful as well. I didn’t learn about “backdoor” IRAs until this calendar year (2022) but for the tax year 2021. Through Vanguard I was able to easily and successfully convert $6,000 from tr...
You contributed $6,500 to a traditional IRA in 2023 for 2023. Your income is too high to claim a deduction for the contribution. By the time you converted it to Roth IRA, also in 2023, the value grew to $6,700. You have no other traditional, SEP, or SIMPLE IRA after you converted...
I used to have an individual 401(k) at Vanguard. It had two problems back then. They didn't allow IRA rollovers and they used the slightly more expensive Investor Class shares. They have since changed both of those. They now take IRA rollovers and they use the less expensive Admiral Cl...
When you convert from a Traditional IRA to a Roth IRA, you will receive a1099-Rform.Complete this section only if you converted *during* 2023. If you only converted during 2024, you won’t have a 1099-R until next January. Please followSplit-Year Backdoor Roth IRA in TurboTax, 1st Ye...
January 1, 2023 at 5:26 am Maybe they have the 1099-R ready for you to download but you just didn’t know? If your workplace plan is administered by a large broker such as Vanguard, Fidelity, or Charles Schwab, the 1099 forms for the workplace plan are in a different place separate...