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Personal Finance (Not Investing) • Question for Form 1099-R from 2024 Back-door Roth

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Dear Bogleheads,

I contributed $7000 to my Vanguard IRA account, then rollover to my Vanguard Roth IRA account the next day.

I received 2024 Form 1099-R today from Vanguard for this Backdoor Roth activity- below are filled on the form:

1. Gross distribution $7002.50
2a. Taxable amount $7002.50
2b Taxable amount not determined (x)
Total distribution not determined (x)
7. Distribution code(s) 2
IRA/SEP/SIMPLE (x)
16. State distribution $7002.50

Questions:

1. Since the contribution to my IRA account was after-tax and then rollover to Roth IRA, should the taxable amount $0 for both Federal and State?
2. It seems that there was $2.50 gain in just 1 day, how to deal with this $2.50 - is this taxable? Also, the contribution to Roth was over $7000 now, should I contact Vanguard to withdraw $2.50 to within $7000 limit? (And if so, I may have to modify my tax return at a later time once Vanguard provides the tax form for this $2.50 withdraw?)

Thank you so much !

Statistics: Posted by fred2017 — Mon Jan 13, 2025 3:25 pm — Replies 4 — Views 92



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