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

[veyron]

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

[fanfare]

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]

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 

[veyron]

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

[fanfare]

"not sure if there is a way to validate it."

look for an amount on the Schedule 1 IRA deduction line.

You can always convert any amount you want.

If you convert a deductible amount, your tax break (deduction) will compensate for the taxable amount on the conversion.

If your IRA is previously funded with deducted contributions, it is not possible to convert only your recent non-deductible contribution.

@veyron 

[veyron]

Thank You @fanfare for your help. Much appreciated.

I am planning to do complete distribution of my rollover ira - moving pretax to Traditional and after tax to Roth.

Do I still need to do 8606 amendment for 2020 (full deduction) and 2021 (partial deduction - only mine or my wife's)?

Or can I do the distribution which will take care of it.

Thanks

Veyron