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madams135
Returning Member

Help with Split-Year Backdoor Roth IRA Filing

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.  

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2 Replies
madams135
Returning Member

Help with Split-Year Backdoor Roth IRA Filing

Is there anybody out there?

DanaB27
Employee Tax Expert

Help with Split-Year Backdoor Roth IRA Filing

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? " 

 

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