In Feb, 2019 I made traditional IRA contributions for 2018($5.5k) and 2019($6k). Then I performed a backdoor roth for both in 2019. How do I acct for 2018 contribution?

Forum|Forum|6 years ago
April 4, 2020
1 reply
5 views

In TT i figured out how to account for the 2019 portion, but I don't see any questions if the excess applies to 2018.

TurboTax Premier Online

macuser_22

Alumni - Champ

You should have sent a 2018 8606 form with your 2018 tax return that has the 2018 non-deductible contribution on line 1 and 14.

You will be asked of you had and tracked non-deductible contributions - say yes. The enter the amount from the last filed 8606 form line 14 if it did not transfer. Then enter the total value of any Traditional, SEP and SIMPLE IRA accounts that existed on December 31, 2019.

That will produce a new 8606 form with the taxable amount calculated on lines 6-15 and the remaining carry-forward basis on line 14.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**