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vibinsv09
Level 2
March 24, 2023
Question

Amend returns for missed Roth conversion

  • March 24, 2023
  • 1 reply
  • 0 views
I missed to report conversion of my traditional IRA balance to Roth IRA on my 2020 returns. Am I supposed to file an amended return for this? Adding this information does not affect my taxes but affects the basis of my Roth IRA.

1 reply

MaryK4
MaryK4
Level 15
March 25, 2023

Because Roth IRA distributions are not taxed on contributions or earnings, you do not have to amend your 2020 return just to report you basis.  I do caution you to make sure you keep the records because it may become an issue later since it was not reported.  

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    V
    vibinsv09Author
    Level 2
    March 25, 2023

    Thank you.

     Is there a way to update the gap in basis through my 2022 returns in turbo  tax?

    fanfare
    fanfare
    Level 15
    March 25, 2023

    If you did not report, then you did not file 2020 Form 8606 for the conversion.

    Eventually, IRS is going to want to know "why not ?"

     

    @vibinsv09 

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