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Anyone have any experience angel investing?
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Anyone have any experience angel investing?
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Don’t think it will show up as contribution as it’s a rollover, which has nothing to do with annual contribution limits (There is no limit on the amount you can roll over) but best to confirm with your broker.
Contributions should only be counted for the traditional account. Counting both would be double counting.
Idk what broker you're using but fidelity has a contributions section that tracks it.
Chief
What broker are you using? With Fidelity, it’s smart enough to cross-reference your Traditional and Roth IRAs and determine what you contributed total.
If you are looking at the Roth, it may show zero because you made no contributions. If you are looking at traditional, it should show the contributions
So when I do my taxes next year, should I specify it as traditional or Roth IRA or is there any specific way to declare it was rollover?
Yes. Should have mentioned 8606. OP any decent software will prepare that for you. Would be a good idea to look at it to understand what is actually happening in your return