@BBFL wrote:
I did enter the 2020 contribution into the 2020 IRA contribution interview and say that is was non-deductible.
I did not enter the 2019 contribution made in 2020 *for* 2019 into the 2019 IRA contribution interview as non-deductible. I did not use Turbotax for 2019 taxes and form 8606 was not completed. The 1099-R from Vanguard wasnt available for tax year 2019 since the since the contribution and conversion wasn't executed until 2020. Do I need to amend my 2019 taxes? Hoe do I get this to reflect properly on Turbotax premier 2020?
Thanks for your help
Yes, Unless you filed a 2019 8606 to report the non-deductible 2019 contribution it can be disallowed by the IRS and you are not allowed to use it to offset the tax on the Roth conversion - it would be treated as if it was deductible even though you did not receive the deduction - that is the penalty for failing to file the required 8606. You can amend 2019 and file it late.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
