Good day everyone. I'm looking for some guidance. I have a rather unique circumstance regarding a "BackdoorRoth". So here's my story.
I am a Federal Government employee and fall under the Civil Service Retirement System Offset (CSRS Offset) Plan. I am able to make a voluntary contribution to my retirement of up to 10% of my lifetime earnings and this goes into a Traditional IRA and then transfers to a Roth IRA. So I moved $50,000 from a taxable account into an IRA in late 2019 and I received a 1099-R for 2019. The funds then transferred into a Roth IRA in January 2020. This is in addition to the $26,000 I contribute to my Thrift Savings Plan (TSP) each year.
I filed my 2019 taxes in March 2020 and did not enter any information related to my Roth as the Roth wasn't established until 2020 and thus wasn't reportable until I filed my 2020 return. After I filed my taxes, I made a $7000 (that's the limit for those over 50 or 55 years of age) contribution into the Roth (via the Backdoor Roth) for 2019 and and additional $7000 for 2020. I didn't submit an amended 2019 return. Perhaps that was a mistake?
So here I am in February 2021 preparing to submit my 2020 taxes and I have no clue what to do. Should I have submitted a 2019 amended return, even though my contributions to the Roth were made using after tax funds? If so, is it too late to submit an amended 2019 return? Looking for some solid advice before I throw in the towel and pay a tax advisor/preparer to help me out.
Thanks everyone!
Robbie 29
