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Reply to "roth IRA conversion/tax question"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What do you mean the IRS is saying you over payed? There are no limits on Roth conversions, you just need to pay taxes on the amounts over the contribution limit (which forms your after tax basis). Did you log the $6500.94 as the contribution on your 8606? $6500 should be your contribution, 6500.94 should be the conversion amounts, and the amount over $6500 forms will require taxes paid in the amount of 94 cents. I admit the 8606 is confusing but that is how it should play out. [/quote] Oh the horror…you had to pay tax on $13 in earnings doing your Backdoor Roth Agreed- I had the same thing happen- because of the higher interest rate in settlement accounts our IRA was around $6513 when we converted it last year. We paid tax on it per line 18 of the 8606. The software was able to handle all of it.[/quote] *paid tax on the $13 increase in value.[/quote][/quote]
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