I did a traditional IRA recharacterization in 2019 and did not submit 8606
In 2019 I recharacterized money from my traditional IRA to my Roth. I received a 1099R for the Traditional IRA and I did not get one for the 1099R for the Roth contribution. My Trustee submitted form 5498 for both accounts.I did a traditional IRA recharacterization in 2019 and did not submit 8606. The full amount of the distribution and the amount of tax withheld is shown on my Trad IRA 1099R. Due to my age and the number of years both accounts have been open this was a "qualified distribution".
While I paid 2019 income tax on the full amount converted, It was not until preparing my 2023 taxes that I realized I did not document the conversion on my 2019 taxes.
I am not sure how I rectify this or if because I have paid income tax on the full amount converted, do I even need to report at this late date? If I need to"
Do I file 1040 X with my 2023 return?
Do I need to file an amended 2019 return with form 8606?
posted
March 30, 20249:17 AM
last updated
March 30, 20249:17 AM
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