Hi,
My wife and I did T-IRA -> Roth conversion(Back door conversion) in 2021 and 2022 tax year but due to my ignorance We (joint filling) didn't file 8606 form with my 2021, 2022 tax return and just realized that I had to do it.
In this case, I'm looking for what is my options to minimize any potential penalty.
FYI, my Roth IRA account is net loss.. at this moment.
1. Is late filing of 8606 okay ? Are they any penalties ?
2. Is re-charcterization of 2021 and 2022 Roth conversion back to TIRA possible now ? Are their penalties?
Any advices would be welcomed
