When should I send in the 2016 form 8606 to minimize attention of the IRS and reducing the chance of getting audited.? NOW
1) Should I send it in when I do my 2020 tax filing time at which I will also send in together a 2020 form 8606 and a 2016 form 8606 ? NO NOW ... if you make no non deductible contributions in 2020 you will not have an 8606.
2) my other question: can i do my back door roth conversion for my 2016 prior to sending my 2016 for 8606? It is too late for any new 2016 conversions. If you made one in 2016 then it must show on the 2016 form 8606.
3) I plan to do a roth conversion for both my 2016 and 2020 traditional IRA together soon but I want to be sure that I can do this before sending my 2016 form 8606 and 2020 form 8606? It is too late for a 2016 conversion ... window long closed.
4) I still do not understand why Turbotax generated only my wife 2016 form 8606 and why it failed to generate a 2016 form 8606 for me in 2016? Either you didn't complete the interview section correctly or you didn't check the IRA box. If you don't already have the 2016 downloaded program you may be able to get it now by using the amendment option ... then you can retrace your steps in the interview process.
5) Can I do a roth conversion for my 2020 traditional IRA first and then do another roth conversion for the 2016 traditional IRA later? Conversions don't happen in a vacuum ... you cannot move just the 2020 contributions ... may I suggest you seek local professional council to be educated in these matters.
6) How do I ensure the 2020 turbo tax does not fail to generate 8606 in the future tax filing? Pay attention in the 1099-R section so you answer all the questions properly ... then do NOT send the return until you have reviewed the entire thing and are satisfied it is correct. See the backdoor ROTH instructions below ...
Doing a backdoor Roth conversion is a two-step process.
TurboTax Online
TurboTax CD/Download
