@garrettmenaker wrote:
Thanks for the reply. What do I do if I made a 2019 contribution in 2020? Since I didn’t make the contribution before I filed my 2019 return I don’t have an 8606 in my 2019 return. Do I list the basis as $6000 under the question for the last filed 8606 even though I didn’t file one?
You are not allowed to apply the 2019 basis unless it was reported on a 2019 8606 form line 1,3 & 14. You need to amend 2019 and enter the 2019 contribution in the IRA contribution interview to generate the 8606 and then mail it to the IRS. The 8606 must be filed for the year the contribution was *for* not contributed.
Without the 2019 8606, the IRS can disallow the 2020 conversion.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
