pedz
Level 3

Investors & landlords

On your 2020 tax return, the converted new IRA should have caused a tax deduction since you contributed taxed income to a traditional IRA.  The money in the new traditional IRA is now untaxed.  If you forgot to take this deduction, then I guess file an amended 2020 return.  If you ended up contributing too much to your traditional IRAs in 2020, I think you just lose but I'm not sure.

 

Investopedia has some info as well.