IRA Non Deductable Contribution & Roth Conversion

Submitted by Steven David on Thu, 2017-04-06 13:50

Hi

I recently made a 2016CY non deductible IRA contribution earlier this month to both my & my wife’s account.
And I want to convert this to our Roth IRAs.

If I convert this before April 15th, 2017, will this conversion be part of my 2016CY taxes or part of my 2017CY taxes?
Which forms will Schwab give us to complete our taxes?

Thanks
Steven



Submitted by William Tuttle on Thu, 2017-04-06 13:58

Unlike IRA contributions, Roth IRA conversions are always counted in year of the conversion regardless if it is before the tax filing deadline or not. Or to put is another way, you made a 2016TY contribution in the allowed 2017CY period and the Roth conversion will be a 2017TY event.



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