Working on my 2025 taxes and realized I never filed a 2024 Form 8606.
Facts:
- Only have 1 Trad IRA and 1 Roth IRA. Trad IRA had 0 basis at the end of 2023
- On December 16, 2024, I contributed the full non-deductible amount ($8,000) to my Trad IRA
- My financial institution held the money because it came from a new bank account (I messed up on this, I know) and would allow me to convert to my Roth IRA until mid-January
- Received a dividend on Dec 31, 2024 to make my EOY 2024 balance $8,013
- Completed the Roth conversion of $8,013 from tIRA to rIRA on January 13, 2025
- Did complete a 2025 Roth conversion in July of 2025
- Did not get a 2024 1099-R for my tIRA, did receive the 2024 5498 in May 2025 showing fair market value of $8,013
- Using the other big software package which does not like calculating Roth conversions, it never included form 8606 when I filed my 2024 taxes
- Received my 2025 1099-R for my tIRA showing $16022 for my 2024 and 2025 conversions to rIRA
- End of 2025 basis for tIRA is 0
I recognize that I need to go back and submit a 2024 8606. My questions are:
- Is the $8k 2024EOY basis mean I owe taxes for 2024? If so, how does that get billed to me since filing a standalone 2024 8606 does not provide a means to pay?
- How do I record this in TurboTax online for 2025?
Thanks!!
