Got a tax bill from the IRS - backdoor roth
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Anonymous
| For tax year 2014 - I did backdoor roth contributions for DW and myself. The IRS flagged the sale of the nondeductible IRA as distributions and have added $11k to our income for that year and issued me a bill for a bit over $3k. Just trying to get an idea of how much of a pain in the ass it will be for us to avoid having to pay tax on what certainly wasn't $11k in income. Anyone dealt with this before? |
Anonymous
| You probably didn't put in the basis for your IRA correctly when you filed your taxes. You need to amend your tax return for 2014 to fix this. |
Anonymous
| Op here. Note to self - pay someone to do taxes from now on. |