it can be converted without tax consequences aside from a requirement to fill out IRS Form 8606. For high-income earners, the backdoor Roth may sound like a tax strategy that’s too good to be true.

Reporting nondeductible IRA contributions on IRS Form 8606 helps you avoid double taxation. Key findings are powered by ChatGPT and based solely off the content from this article. Findings are ...

Recommended Read: What is IRS Form 8606: Nondeductible IRAs Watch the video interview above, or read the video transcript below. TurboTax Live experts look out for you. Expert help your way ...

To claim your deduction, you must report it on your federal tax return using Form 1040. If you make any non-deductible ...