FatalAura
Returning Member

Get your taxes done using TurboTax

Yes, the conversion must take place in the same year as the nondeductible IRA. You need to complete Form 8606 and submit , along with your 1099-R and a copy of Form 5498. You will receive a letter from the IRS if you don't. I started doing the conversion in 2015 and I have managed to receive 2 letters from the IRS and the documentation mentioned above fixed it both times.

 

I have yet to get the whole thing to work in Turbo-Tax, there are no clear instructions. It increases my taxable amount and there is no Form 5498 available.

 

https://www.irs.gov/publications/p590a

https://www.irs.gov/forms-pubs/about-form-8606