EDIT:
line 1: nondeductible contributions to traditional IRAs for 2024, including those made for 2024
from January 1, 2025, through April 15, 2025.
line 2: total basis
line 3: line 1 +line 3
line 13: nontaxable portion of all your distributions
line 15c: taxable amount.
tax year 2023: line 1, 3, 5, 13 ($6490), All the other lines are Zero.
tax year 2024: line 1 ($7001), line 2 (ZERO), line 3 ($7001), line 5 ($7001), line 13 ($7001), line 15a ($6490), line 15c ($6490)
I think 2023 was filed correctly because the taxable amount is zero but the year 2024 is wrong because the amount I contributed in 2023 is mentioned as taxable.
Hello,
Pls help. I think I made a mistake in my tax year 2024 and paid tax on roth IRA from 2023.
I contributed and did backdoor Roth IRA in March 2024 for the tax yr 2023. I filed for 2024 after that and mentioned that amount in form 8606.
I contributed and did backdoor Roth IRA conversion in Sep 2024 for that year. I filed tax year 2024. Now I see that form 8606 line 15a is from yr 2023 and also line 15c is the same. Looks like that is the taxable amount, but it should not be taxable, correct? Line 1 is for yr 2024 and line 2 is zero.
Please help me if I need to addend it. Can I get refund of that extra tax? Is it easy to file or need accountant?
Thanks a lot
