AnnetteB6
Expert Alumni

Get your taxes done using TurboTax

You mentioned that you amended the 2023 tax return to include the $6500 contribution for 2023.  If that amended return included Form 8606 showing that there is a basis in your Traditional IRA, then you do not need to fill out Form 8606 separately for 2023.  If the amended return did not include Form 8606, then you do need to fill it out now and mail it for the 2023 non-deductible contribution.

 

For 2024, when you enter the Traditional IRA contribution of $7000 into your return and show it as a non-deductible contribution, TurboTax will include Form 8606 automatically as part of your return.  You do not need to file the 8606 separately.

 

To make sure that the only portion of the conversion that is taxable is the $5 of interest, be sure to include the $6500 as basis in your Traditional IRA when the program asks if you made and tracked previous non-deductible contributions to your Traditional IRA.

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