I've made 2 $5,500 contributions. I made my first traditional IRA contribution in 2016 and was able to deduct it from my taxes since my employer at the time did not offer a retirement plan. In 2017 I made another traditional IRA contribution, but this time it was not tax deductible (fortunately due to income restrictions).
I have a couple questions about this: 1. Am I correct in thinking the money will be treated the same when I withdraw it later on?
- My bigger questions - If I try to do a backdoor Roth conversion how would these two different contributions affect the conversion? Will the money be proportionally taxed more, all of it taxed more, or all of it at the usual federal income tax rate?
Submitted July 10, 2018 at 05:07PM by BearOnTheBeach28 https://ift.tt/2L9acCC
