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Roth IRA and Form 8606

I contributed to my Roth IRA in 2017 but forgot to enter the information in form 8606 in my 2017 filing. What can i do to fix this? Can i correct it in this year's tax return?

 

What form do you use to keep you Roth IRA basis?

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4 Replies
PaulaM
Expert Alumni

Roth IRA and Form 8606

Roth contributions are not reported on Form 8606. Conversions, nondeductible traditions IRA contributions, and Roth distributions are.

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Roth IRA and Form 8606

I converted a Rollover Traditional IRA to a Roth IRA in 2019.  I pre-paid approximately 20% in Federal Taxes.  This has been reported on a Form 1099-R.  Turbo Tax is viewing the Total Roth Conversation amount as income.  I didn't take any distribution.  It was put into a Roth.  My income shouldn't go up, I believe.  

Roth IRA and Form 8606

Sounds like you don't know what you did when you converted a traditional IRA to a ROTH  ... the entire conversion is most certainly taxable which is why you pre-paid the taxes on it hopefully with funds NOT from the IRA.  

Roth IRA and Form 8606

Now ... if you had any basis in the IRA( non deductible contributions) then those would not be taxable and the program will complete a form 8606 reporting that amount.  Follow the interview screens carefully after entering the 1099-R. 

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