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You can still contribute to 2021 if you do it before April 18.
Timing depends on the person - I like to do it at the beginning of the year and be done but some contribute $500/month.
There’s plenty of ways to go about contributing. There are arguments where lump summing your total IRA contribution at the beginning of the year yields the best annual return. In other years I’ve seen a dollar cost averaging approach garner more annual returns. You can do either weekly, bi-weekly, or monthly as your contribution frequency.
If you are able, I would highly recommend you to max out the $6,000 limit for the year 2021 before the deadline of next Monday. Hope this helps.
You think you still can make the traditional Ira contribution but would have to amend your return or at least 8606
Thank you! That seems like a lot of trouble and stress. I may sit out 2021 and just do 2022 then
Rising Star
Someone correct me if I’m wrong, but if you contribute now and then convert. The contribution can be for TY21 and then the conversion is reported on TY22
Rising Star
You can do as many conversions as you want
Rising Star
It doesn't *affect* 2021 tax bill, so I think still OK.
But you *do* need to file the 8606 to track your basis
Not sure if just filing to 8606 for 2022 will be sufficient or not.