Amend returns for missed Roth conversion

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.

239

Expert Alumni

Mar 24, 2023 7:39:12 PM

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.

Level 2

Mar 24, 2023 7:59:47 PM

Thank you.

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

Level 15

Mar 24, 2023 8:36:32 PM

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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Amend returns for missed Roth conversion