I created a traditional IRA account for the first time last year and am confused about the finer details of tax treatment and filing my returns this year.
This is my scenario:
1. Opened Traditional IRA account AFTER I filed my 2020 returns (I did this before the tax deadline in April) : I did this with after-tax dollars.
2. I added a total of $12,000: $6000 for 2020 (late contribution) and $6000 for 2021.
3. Did a Roth conversion on the entire $12,000 in 2021.
4. The 2021 portion of that (contribution + conversion) I think I got figured out....I have a 1099-R and I am simply following the corresponding prompts in Turbotax.
5. It's the 2020 portion I am a bit confused about. I did NOT submit a Form 8606 in 2021 as part of my 2020 returns.
What should I be doing here? If I submit a standalone 2020 8606 to the IRS right now , is that sufficient?
Would appreciate the advice.
Thanks!
