@dmertz wrote:
"They told me to report it on the 2023 taxes with Form 5498 (boxes 13a-c)."
@Op118 , you misunderstood. Fidelity will be reporting it on a 2023 Form 5498, but you must report this $6,000 contribution made for 2022 on your 2022 tax return. If the contribution is nondeductible it must be reported on line 1 of your 2022 Form 8606. The resulting line 14 of your 2022 Form 8606 will carry forward to line 2 of your 2023 Form 8606.
You must report the Roth conversion performed in 2023 on your 2023 tax return by entering the 2023 From 1099-R that you will be receiving near the end of January 2024.
Oh, okay. Yes, I did misunderstand that! Thank you for clarifying that! 👍
So here's what I did in Turbotax: When asked:
"Did [you] Contribute To a Traditional IRA?
Tell us if [you] made a contribution to a traditional IRA for 2022.
Note: Answer Yes if you plan to make a regular contribution by April 18, 2023, or if you contributed to a traditional IRA and later transferred some or all of that money to a Roth IRA."
I answered 'yes'. It's technically not true to the letter of the word, but I'm assuming that for me October 16 counts as April 18 and it's just not implemented in the software.
Also, for the following prompt:
"Tell us how much of the above total contribution for 2022 you contributed between January 1, 2023 and April 18, 2023."
I entered the full amount of $6000, even thought, again, it's not true to the letter but (I think) to the spirit.
This seems to generate form 8608 correctly in the way you described with $6000 in line 1 and 14. I need to look through the entire return more carefully to make sure the way I slightly 'fudged' it in the turbotax software does not carry over any fudging in the actual returns, but other than that I think I should be good.
Again, thank you for your help!
