My wife and I performed our first backdoor Roth IRA between Jan - April 2023 for Tax Year 2022. After the backdoor, the Traditional IRA accounts were left to $0.
We have not filed a Form 8606 (did not know about it until now...) and took the standard deduction for Tax Year 2022 (and did not indicate traditional IRA contribution unfortunately... it was our first time).
Fast forward, we performed our second backdoor Roth IRA between April - Dec 2023 for Tax Year 2023. After the backdoor, the Traditional IRA accounts were left to $0 again. Planning on completing Form 8606.
What are the ramifications?
Worries:
- Backdoor Roth performed between Jan-Apr 2023 for Tax Year 2022.
- Did not indicate IRA contribution for Tax Year 2022.
What are next actions that needs to be taken?
