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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?
‎April 15, 2024
3:05 PM