1099R and 5498 help!

[Melcha12]

Hi there,

I just realized that I made a mistake for a few years and classified our traditional IRA conversions to Roth IRAs as rollovers instead of conversions. We've done the backdoor Roth IRA so there aren't any additional tax implications because we paid into the traditional IRA after taxes, but I do know that I filled out the 1099-R incorrectly when asked if it was a rollover or a conversion and also need to report the contributions into the IRA for the past few years. 

I've read a few of the threads and realize that I have to file forms 8606 for previous years, and a 1040X but do have a few additional questions.

1. Should I complete this tax year through Turbotax and then file those forms separately?

2. I'm assuming this while filing this year that my basis is our total contribution for all previous years? Is that correct? or should I go through an amend previous years first? 

3. Is there anything else I should do? Can't believe I didn't catch this before.

Thanks for your help!

[dmertz]

Start by amending the first year you made the mistake and work forward.  Each of your Roth conversions consumed basis, so the correction of each Form 8606 will result in a change in line 14 which will propagate to a change to line 2 of the following Form 8606.

Your 2019 Form 8606 will show on line 2 the total of your nondeductible contributions over the years prior to 2019 minus the basis that applied to each of the conversions over the years prior to 2019.