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Returning Member
posted Apr 16, 2022 3:30:30 PM

Do I need to amend my 2020 return?

After filing my 2020 tax return, my wife and I decided to open a traditional IRA, and then do a backdoor conversion to a Roth IRA.  As it turned out, due the extended filing deadline for 2020, we still had time to apply the money to 2020, even though it was May of 2021.  I didn't think much of this at the time, and just carried on.

 

This year, while filing our taxes, I realized that I never reported the 2020 contribution to the IRA.  Since this shouldn't change our tax burden at all (coming from after-tax income, and being non-deductible), I'm assuming this still needs to be reported to the IRS.  Do I need to amend my return for 2020, or is there another way to handle this?

 

Thanks so much for any advice.

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1 Replies
Expert Alumni
Apr 16, 2022 6:33:00 PM

Yes, you should amend your 2020 tax return to record the contributions. It is best to enter IRA and Roth contributions into TurboTax to have a record of your contributions, to check that your Modified Gross Income did not limit how much you can contribute and you might qualify for the Retirement Savers Credit.