Hi!
One more question- do we need to also send in $100 penalty ($50 per person) along with the 8606 that we did not file for 2021 tax year? It shows that if you're required to file Form 8606 to report a nondeductible contribution to a traditional IRA for 2021, but don't do so, you must pay a $50 penalty.
Our situation is the similar as rest of this thread, only difference is
In Dec 2021, my spouse and I each mistakenly directly deposited $6000 into Roth IRA.
In Jan 2022, we realized our MAGI was too high for direct IRA contribution so we recharacterized the $12,000 from Roth IRA to Traditional IRA.
In Feb 2022, we did a conversion... rest is same as the thread..
In 2021 tax year, we did not file Form 8608. Now do we need to pay the $100 penalty.
Thank you~
