honeybadgerm
Returning Member

Retirement tax questions

Thanks! This was really helpful. I realized in the past years when I did my IRA contribution and conversion to roth in the same year I didn't file a 8606 -- just had the 1099 with the distribution method 2. Did I mainly need this because my conversion happened in the next calendar year? Or have I just been doing it wrong this whole time? For instance, in 2023 I did my backdoor roth contribution and conversion in May 2023. Do I need to record an  8606 form for this? 

 

Also for fixing my 2022 8606, do I need to wait for this to process before submitting my 2023 taxes? Or can I submit my 2023 taxes with the updated basis I calculated?