Looks like I made a costly mistake when trying to do a backdoor Roth IRA contribution and did a Roth Conversion first. I'm afraid this has bumped my household income into a higher tax bracket (which is unfair to my spouse).
Is it possible to file an extension and the minimum postpone this much higher tax payment? Is there any steps I can take to hopefully lower our taxes owed this year (anyway to CTRL+Z this)? I can fill out a form 8606, but it's only 20% of the total that was in the Rollover.
Feeling pretty embarrassed. Did this a year ago, so I can't remember what my exact thinking was.
original posted by batteries4holden to r/personalfinance on Sun, 14 Apr 2024 15:33:10 GMT.