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Returning Member

ROTH IRA => Traditional IRA => ROTH IRA

1. I have contributed to ROTH IRA from Jan 2019 to Jan 2020, the total amount of 6000$
2. On Jan 21st 2020, I came to know that our income limit is too high for Roth IRA
3. On Jan 22nd 2020, I have asked VANGUARD to transfer my ROTH IRA contributions along with earnings for 2019 to traditional IRA as non deductible contributions. The amount was 6798.32$ = 6000$ (contributions) and 798.32$ (earnings)
4. On Jan 23rd 2020, I have asked VANGUARD to convert my newly opened traditional IRA to ROTH IRA so that i can do a back door roth conversion. Total amount was 6793.68$
5. I will only receive 1099R from VANGUARD in 2021 as above steps all happened in 2020. I dont want to amend my 2019 return in 2021. How to capture all the above in my 2019 tax form and what are all the forms I need to fill?

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Expert Alumni

ROTH IRA => Traditional IRA => ROTH IRA

In order to ensure you don't miss any Reporting, you will need to follow the Steps in the Turbo Tax Help Topic "How do I Enter a Backdoor Roth IRA Conversion."  

 

Here is a link the article:  Back Door Roth

 

TurboTax will produce the Form 8606 for you to report the 2019 contribution made in 2020 for your 2019 tax return.  This will produce a  carry forward basis on Line 14 of the 8606.

 

You will report the 2020 1099R in a similar fashion, reporting it as a 2019 transaction on the 8606.

 

 

 

 

 

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