I did a Roth backdoor contribution; how do I report this on my taxes?
A Roth backdoor contribution allows you to sidestep the income limits that prevent folks from contributing directly to a Roth IRA. Instead, one makes a nondeductible deposit to a Traditional IRA and converts those after-tax dollars to a Roth without incurring any additional taxes.
Logic: Since you never took a tax deduction on the initial contribution to the Traditional IRA, you will not be taxed on those funds that are moved to a Roth.
Individuals who utilize this method need to make sure that they report the nondeductible contribution on the 8606 on their tax return.
More information and instructions can be found on the following links:
If you use TurboTax: https://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html
If you use H&R Block software: https://thefinancebuff.com/how-to-backdoor-roth-hr-block-software.html
If you use an accountant, you need to let them know that know you made a nondeductible contribution to a Traditional IRA, that was converted into the Roth IRA, and provide them with the 1099-R for the Roth conversion.
I did a Roth conversion this year and withheld taxes, how do I report this on my taxes?
You will receive a 1099-R from LPL with the necessary information to input or provide to your accountant.