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I made a Roth contribution instead of doing a backdoor Roth for tax year 2020. Now, 2021 Form 1099-R does not show this contribution. How can I fix this?
Here is the chronology:
1. In March 2021, I made a Roth contribution for tax year 2020 for amount X. I wanted to do a backdoor Roth conversion (contribute to Trad. IRA do a Roth conv.) but alas!
2. Also in March 2021, I correctly did a backdoor Roth conversion for tax year 2021 for the amount Y.
3. While filing 2020 returns, I reported amount X as basis on 2020 Form 8606 (since I assumed I did everything correctly then).
4. 2021 Form 1099-R, Line 1, only shows amount Y, not X Y as I think it should.
How do I correctly file my return for 2021? How do I fix the wrong basis reflected in 2021 form 1099-R? Please help.
1. In March 2021, I made a Roth contribution for tax year 2020 for amount X. I wanted to do a backdoor Roth conversion (contribute to Trad. IRA do a Roth conv.) but alas!
2. Also in March 2021, I correctly did a backdoor Roth conversion for tax year 2021 for the amount Y.
3. While filing 2020 returns, I reported amount X as basis on 2020 Form 8606 (since I assumed I did everything correctly then).
4. 2021 Form 1099-R, Line 1, only shows amount Y, not X Y as I think it should.
How do I correctly file my return for 2021? How do I fix the wrong basis reflected in 2021 form 1099-R? Please help.
Topics:
‎April 15, 2022
10:12 AM