Hey all, this past year my wife and I ended up being just over the limit to contribute to a ROTH IRA and so had to recharacterize our contributions to a Traditional IRA. From there and taking the advice of some folks here we then did a backdoor ROTH IRA conversion.
We’re now trying to figure out what tax forms to complete and how to report. Does anyone have any experience in this? My understanding is we need to complete form 5498 twice: once to report both the conversion from ROTH to Traditional, and another from Traditional back to ROTH. However I’ve also seen form 8606?
Any tips or experience?
Submitted September 26, 2021 at 11:06AM by jmsnln https://ift.tt/3EWKddS
