So my situation is similar to this one https://ttlc.intuit.com/community/retirement/discussion/how-to-report-backdoor-roth-ira-for-2019-in-... but the answers seem to be conflicting.
In an attempt to do the backdoor roth IRA conversion, I (opened and) made a traditional IRA non-deductible contribution of 6000 for 2019 in June 2020. I then converted this amount to an existing Roth IRA a week later.
Here is the dilemma, due to some online advice I thought I could wait and do everything this year (2020 tax year) so the amount of 6000 wasn't reported in my 2019 tax return when I filed around July 2020.
Now going back to reporting the backdoor roth ira conversion for my 2020 tax, how can I fix this?
- Do I need to file an amendment for my 2019 tax return and include Form 8606? I heard you don't have to do amendment based on this https://ttlc.intuit.com/community/after-you-file/discussion/late-filing-of-form-8606/00/1301639 but would like to be sure
- Or do I just file form 8606 separately? what about state (I'm in CA)?
- so if I do item #1 above, it seems I need to wait for the IRS to process my return before I can file my 2020 tax return. Is that right?
- If I do item #2 above only, do I still need to wait for the IRS to process Form 8606 before submitting my 2020 tax return?
Appreciate your help!
