This was so helpful, I was in almost the exact same scenario, and was pulling my hair out trying to figure out how to enter/handle this. This video is the only one I found that was a perfect match and walked me through the steps one at a time.
Great video! In this example, does the person have to file an 8606 for the previous year? (Since they made a contribution at the beginning of 2022 for the 2021 tax year)?
Hmm, so I would owe no taxes if my converted contributions were non-deductible and everything I rolled over had no capital gains right? (Any implications of what I converted have capital losses?)
Hi Travis, very helpful video. I have 401k with pre-tax contribution. If I contribute the fund with after-tax dollars to my traditional IRA account ($0 in the account now) and make a backdoor conversion to Roth IRA for 2023, will this incur any tax?
Last year in 2022 I am/was a full time student and took most of the year off from work and only made $4,400, but contributed the full $6,000 is there any way to move the additional $1,560 into this year without paying taxes on it? I have it all invested in Vanguard. Any help is very much appreciated!
No, it should come out. Leaving it in there will cost 6% of the excess, so $93.60 and can be absorbed next year, assuming you have earned income of $1,560.
Hi Travis, great video. My Traditional IRA account is empty (historically have invested via 401k and Roth IRA). I'm going to do my first backdoor conversion.. and as of today, I note that I still have a couple of weeks to take advantage of the 2022 contribution (6k). However, I have already filed my taxes for 2022. If I make the non-deductible IRA contribution for the 2022 tax year (in 2023), do I need to file an amended return?
