The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Converted Just One of Two IRAs to a Roth||Date: 7/23/2013 4:19 PM|
|Author: TMFPMarti||Number: 118910 of 124216|
- I am embarrassed to say that I just reread my original post to discover I had omitted stating that both my nondeductible 2012 IRA contribution and the conversion to my Roth were transacted in February, 2013.
No problem. That actually makes things easier.
The only thing to report on your 2012 return is your traditional IRA contribution made in 2013. You do this in part I of Form 8606. It doesn't affect any of the numbers on your 1040.
Since the conversion and recharacterization of the conversion were both done in 2013 you'll not report anything on those until your 2013 return.
In 2013 you recharacterized that 2012 conversion and the earnings on it back to your traditional IRA.
- Yes. The recharacterization transaction went through on April 16, 2013. Then in June, 2013, I again converted the entire IRA (2012 contribution + earnings) to my Roth.
I hope this is