How to do 8606 amendment for non deductible IRA in prior years?

Forum|Forum|2 years ago
August 3, 2024
5 replies
55 views

All - This is for tax years 2020 and 2021

Question 1:

In 2020, I contributed after tax money into my Rollover IRA (non deductible) for both me and my wife, but turbo tax didn't submit a 8606. I see the amount in Schedule 1 Line 19 and 1040 10a.

Do I need to amend 8606 for this? How do I do it?

Question 2:

In 2021, I contributed after tax money into my Rollover IRA (non deductible) for both me and my wife, but I only see the for 8606 generated for one (not sure who's). I see the same represented in Schedule1 Line 20 and 1040 Line 10. I validated that I contributed to both accounts. How do I amend 8606 for this?

Any help is really appreciated. I am planning to set this correctly so I can do backdoor Roth IRA.

Thank You

Veyron

TurboTax Premier Online

fanfare

Level 15

If you intend to convert those contributions to a Roth IRA,

there is no reason to amend either tax return.

Just do the conversion and use the most recent already filed Form 8606 to report the action.

@veyron

fanfare

Level 15

My comment assumes you (or your wife) took a deduction for each contribution amount that is not on Form 8606.

That's what it looks like from your post.

If you contributed, did not get a deduction and did not report on Form 8606, you will pay extra tax on that conversion without an amendment.

@veyron

veyronAuthor

Level 2

Thank You @fanfare for your response.

For 2020 & 2021 - I checked my returns and I must have taken a deduction, as my MAGI is less than the allowed limit for Married filing Jointly. Unfortunately not sure if there is a way to validate it.

My rollover has both Pre-Tax (prior 401(K) rollovers) and After Tax money (from 2020 and 2021) in it and I am planning to rollover my after tax (the ones I contributed in 2020 & 2021) to Roth IRA. Only the principal amount and not any returns on it.

Can I still do Roth IRA conversion on 14K for myself and 14K for my wife, without amending?

Thank You

Veyron