wbic1
Returning Member

Retirement tax questions

Dmertz,

I did submit individual 8606 every year for the last 10 years to the IRS at each tax filing. I used turbo tax to do my tax filing, and turbo tax automatically generated an 8606 each year.  I used the 8606 to report each year contribution as a non-deductible after tax contribution. Since I was not aware of the back door roth conversion, I never used the 8606 to convert my tradditonal IRA monies to a Roth IRA.

 

i currently have 10 years of accumulation of traddition IRA monies in my tradditional IRA account,and the current total amount of money is less than what I contributed at the beginning due to my bad investing strategy.

Question: can I use one form 8606 (instead of 10 forms) to convert all the traddtional IRA money from the last 10 years of contribution  to my Roth IRA account?