This is my first time doing a backdoor Roth for my wife and myself. I waited till March this year (2017) to calculate MAGI based on all docs, and did the contribution to tIRA in March 2017 for 2016 and a few days later converted both the tIRAs to Roth IRAs at Vanguard. So my guess is that I will not receive a 1099-R for 2016 Tax Year? I already reported the tIRA contributions on turbotax. Now I have 2 questions:[/size]1. In turbotax, for the question "were there any nondeductible contributions to the IRA." I answered Yes and entered 0 on the next screen for IRA basis. Is this correct? I read in the instructions to do so, but that is assuming I am reporting my conversion.[/color][/size]2. Since I did the conversion in March 2017, should I even so anything to report it in 2016 tax returns? Or will it go on the 2017 tax return? If this goes on 2017 tax return, then do I need to enter anything for basis in my question 1? Could I have just NO instead of YES?[/color][/size]I am confused. Did I screw up?[/color]
Also, is there a limit on how much I can convert for a tax year?[/size][/font]