When filing 2022 taxes last April( 2023), I noticed that I exceeded the Roth income limits. I opened a tIRA and recharacterized the 2022 $6k, and then converted back to Roth to complete the backdoor Roth. On my form 8606, I had the following: Line1:6000, Line3:6000, Line14:6000. This is correct for a split-year to the best of my knowledge.
Fast forward to 2024 and I received two form 1099-R’s for 2023, one with distribution code 2 and one with code R. I have entered both in the tax software, and appear to not be getting taxed on that backdoor roth. I did not have an income phaseout for 2023, so i only contributed $6500 to my Roth, and should be able to do so moving forward without needing to utilize backdoor method. I noticed that no form 8606 was populated for this tax year. Is this correct, should I have an 8606 this year? Will this cause a possible audit issue due to the prior year split-year backdoor roth? Should I have only needed to enter the 1099-Rs, even both of them? Appreciate any help or guidance that can be given.
You'll need to sign in or create an account to connect with an expert.
Is there anybody out there?
No, you should have Form 8606 if you entered the conversion correctly for Form 1099-R code 2. Please review the instructions Step 2: How do I enter a backdoor Roth IRA conversion?
Also, make sure you click continue after entering all Form 1099-Rs and enter your basis from your 2022 Form 8606 line 14 when TurboTax asks " Any nondeductible Contributions to your IRA? "
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
nelsonnorm64
New Member
lauri-henry
New Member
margmimishpeterson
New Member
kaylajarvi
Level 2
81rxv1te
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.