Back-door Roth

[JKONG5150]

In January 2024 I did a back-door Roth for tax year 2023. I  did not complete correctly.

A. When I checked my 2023 taxes, I do not show that I filled out a 8606 so I can mail that to the IRS, but I'm having trouble with the info needed.

B. This is the first time I'll be filling an 8606 and I don't know my Basis for IRA or Roth accounts.

C. I don't know what my original contributions were to my IRA + Roth accounts because they are old and have been transferred from Fidelity to Morgan Stanley many years ago. 

I'm so appreciative on advice on this!!

[DanaB27]

The nondeductible traditional IRA contribution for 2023 will be entered on line 1 of Form 8606. Line 2 applies if you made previous nondeductible traditional IRA contributions that are still in the account. But you stated this is your first time filing Form 8606? If not then you would have to find your last filed Form 8606 for this information.

The conversion reported on Form 1099-R will be entered on your 2024 return and you will enter the basis from your 2023 Form 8606 line 14 during the interview. 

In TurboTax Online:

1. Click on "Search" on the top right and type “1099-R”  
2. Click on “Jump to 1099-R”
3. Click "Continue" and enter the information from your 1099-R
4. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
5. On the "Review your 1099-R info" screen click "Continue"
6. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
7. Answer the questions about the basis from line 14 of your 2023 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

[JKONG5150]

Wow, TX for replying so quickly!

Well, I didn't know about the 8606 previously so maybe I should've been filling it out.  I do have IRA and Roth accounts both of which started over 10 years ago. This is my first back-door Roth.