How to report mega backdoor IRA contributions?

[yatoshura]

My company offers a 401K account with Fidelity. I already maxed out my normal 401K contribution for 2024. I'm not eligible for Roth IRA. I did not contribute to traditional IRA. However, Fidelity supports a mega backdoor Roth IRA so I contributed an additional $14K after-tax fund into my 401K account and than did an in-plan Roth conversion.

For more information:

https://www.fidelity.com/learning-center/personal-finance/mega-backdoor-roth

Can I also contribute to traditional IRA for 2024 before April 15 even after I contributed to the mega backdoor Roth?

Do I need to report the $14K mega backdoor Roth contribution in this scenario? If so, please share the steps.

Thanks for the help.

[DanaB27]

Yes, you can make contributions to the traditional IRA for 2024. Please see IRA contribution limits and How do I enter a backdoor Roth IRA conversion? for additional information.

You should have gotten a Form 1099-R with code G for the conversion to Roth IRA:

1. Click on "Search" on the top right and type “1099-R”  
2. Click on “Jump to 1099-R”
3. Enter the Form 1099-R information
4. On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
5. On the "Did you move the money to a Roth IRA?" screen answer "Yes"
6. Say "Yes" to "Did you make after-tax contributions"