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I received a 1099-R for a Roth IRA conversion but some of…

I received a 1099-R for...
I received a 1099-R for a backdoor Roth IRA conversion but some of the contributions made to the traditional IRA were nondeductible, one was deductible and there were some earnings. Is the entire amount of the conversion taxable?
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Answered in 5 minutes by:
10/2/2017
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,607
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello my name is ***** ***** I will be able to assist you today.

Nondeductible contributions are not taxable upon withdraw, but any growth in your account from the non deductible contributions and deductible contributions will be taxed at the ordinary income tax rate.

If you have any further questions please let me know.

At the conclusion of our conversation a positive rating of three stars or more would be greatly appreciated.

Thank you

Ask Your Own Tax Question

IRS Form 8606 is not just for reporting nondeductible contributions to traditional IRAs. You also use it to report other IRA-related transactions where the government needs to track the status of your money -- whether it’s been taxed or untaxed. Form 8606 is also used when you:

• Take distributions from a Roth IRA
• Take distributions from a traditional, SEP or SIMPLE IRA at any time after you have made nondeductible IRA contributions
Convert a traditional, SEP or SIMPLE IRA into a Roth IRA

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,607
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
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Customer reply replied 9 months ago
Thanks Chad.
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