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Roth IRA and Form 8606
I contributed to my Roth IRA in 2017 but forgot to enter the information in form 8606 in my 2017 filing. What can i do to fix this? Can i correct it in this year's tax return?
What form do you use to keep you Roth IRA basis?
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After you file
Roth contributions are not reported on Form 8606. Conversions, nondeductible traditions IRA contributions, and Roth distributions are.
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I converted a Rollover Traditional IRA to a Roth IRA in 2019. I pre-paid approximately 20% in Federal Taxes. This has been reported on a Form 1099-R. Turbo Tax is viewing the Total Roth Conversation amount as income. I didn't take any distribution. It was put into a Roth. My income shouldn't go up, I believe.
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Sounds like you don't know what you did when you converted a traditional IRA to a ROTH ... the entire conversion is most certainly taxable which is why you pre-paid the taxes on it hopefully with funds NOT from the IRA.
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Now ... if you had any basis in the IRA( non deductible contributions) then those would not be taxable and the program will complete a form 8606 reporting that amount. Follow the interview screens carefully after entering the 1099-R.