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Deductions & credits
No, if you converted the funds in the same year the contribution was for then you basis on line 14 of Form 8606 should be $0 (assuming all your all traditional, SEP, and SIMPLE IRAs were $0 at the end of each year). On line 1 of Form 8606 will be the current year nondeductible contribution.
If you made nondeductible traditional IRA contributions and conversions then you are required to file Form 8606. You can file the missing Form 8606 by itself. Please download the prior Form 8606 here (search for the year).
Technically you can be fined $50 for failing to file the form on time, but the penalty can be waived if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.
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March 13, 2024
1:33 PM