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Solved

Accidently reported it as a Roth IRA not IRA

4 replies
37 views

I have accidently been reporting my contributions as Roth IRA when in fact they were IRA contributions. I just realized it last November and in December I converted it all to a Roth IRA. How do I show that on my taxes? especially how do I do it in Turbo Tax?

MaryK4Answer

Alumni - Intuit

Each year that you do not claim a tax deduction for contributing to a traditional IRA you must file a Form 8606 to report the basis to the IRS. You can fill out a Form 8606 for each year and send to the IRS. Since (I am assuming) you did not deduct the IRA, your conversion this year can be tax free if you report the basis this year. An individual who fails to file Form 8606 to report a non-deductible contribution will owe the IRS a $50 penalty, but you can request an abatement of the penalty for reasonable cause.

See Instructions for Form 8606 (2021) and Find prior years forms, instructions & publications.

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Alumni - Intuit

Can you clarify how many years you have been doing this? @smcshinsky

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smcshinskyAuthor

Level 2

About 10 years. Thanks.

MaryK4Answer

Alumni - Intuit

Each year that you do not claim a tax deduction for contributing to a traditional IRA you must file a Form 8606 to report the basis to the IRS. You can fill out a Form 8606 for each year and send to the IRS. Since (I am assuming) you did not deduct the IRA, your conversion this year can be tax free if you report the basis this year. An individual who fails to file Form 8606 to report a non-deductible contribution will owe the IRS a $50 penalty, but you can request an abatement of the penalty for reasonable cause.

See Instructions for Form 8606 (2021) and Find prior years forms, instructions & publications.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"