topic Re: Form 8606 in Retirement tax questions

Form 8606

apkw — Fri, 14 Mar 2025 18:11:43 GMT

After filing my 2024 Form 1040, I have decided to fund a back door Roth IRA (my AGI is above the threshold for a deductible IRA contribution). I plan to pay $7000 as a nondeductible IRA contribution for 2024. Today is 3/14/25. In a month I will transfer the $7000 to a Roth IRA.

Questions:

1. How do I fill out boxes 1-14 on the 2024 Form 8606?

2. Will the conversion to the Roth be reported on the 2024 Form 8606 or next year in 2025 (Form 8606 boxes 16 & 17)?

Thanks

Re: Form 8606

DanaB27 — Sat, 15 Mar 2025 16:00:02 GMT

1. The nondeductible contribution will be entered on line 1 of the 2024 Form 8606. This will be carried over to line 3 and then 14. Please see Instructions for Form 8606 for additional information.

2. The conversion happened in 2025. Therefore, you will report the conversion next year on your 2025 tax return when you get the 2025 Form 1099-R. Please see How do I enter a backdoor Roth IRA conversion? for additional information.

Re: Form 8606

apkw — Sun, 16 Mar 2025 20:39:03 GMT

Do I enter $7000 in box 4 since I am making the contribution after 1/1/25 and before 4/15/25?

-apkw

Re: Form 8606

DanaB27 — Mon, 17 Mar 2025 08:15:26 GMT

If you did not convert/distributed any funds from your traditional IRA in 2024 then you do not need to enter anything on line 4.