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Level 3
posted Feb 19, 2019 4:28:00 AM

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?

0 4 1042
4 Replies
Employee Tax Expert
Feb 19, 2019 9:35:14 AM

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

Level 1
Jan 18, 2020 11:20:06 AM

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.  

Level 15
Jan 18, 2020 11:34:21 AM

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.  

Level 15
Jan 18, 2020 11:36:31 AM

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.