- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
1099-R mistake due to late backdoor Roth conversion in past year
Hi,
Me and my wife are filling jointly. Here is the timeline for our IRA contributions and roth conversions.
For 2019 Contributions
* My IRA contribution - 06/2019
* Roth Conversion - 06/2019 (immediately)
* Wife's IRS contribution - 01/01/2020
* Wife's Roth conversion - 02/2020
When I filed 2019 taxes, we missed to report the conversion from my wife's account for 2019 as 1099-R didn't have it yet.
In 2020
We did the contribution and conversion for both me and my wife in 06/2020 and did immediate conversion.
As per 2020 1099-R for my wife, there is 12,000 distributions on Roth IRA and it is flagging that we have to pay 6% penalty every year due to excess contribution.
How we can adjust it so that the contribution and conversion both for 2020 is at 6000 instead of 12,000 as per 1099-R.
Thanks