I did backdoor Roth IRA contribution for 2023 in March 2024. What should I do in my 2023 tax return?

[caoyidebby]

Hello,

I did backdoor Roth IRA contribution for 2023 in March 2024. I do not have any 1099-R form received.

I have completed the "Deduction & Credits" -> "Retirement and Investments" ->  entered the amount I contributed with Traditional IRA. Is this all I need to do for 2023 tax return filing? And I would wait until early 2025 for 2024 tax return filing by completing the 1099-R under the "Wages & Income" section?

Thanks

[AnnetteB6]

Yes, that is all you need to do for your 2023 tax return.  Double check your Form 8606 line 1 to be sure that the Traditional IRA contribution is being reported as non-deductible.

Otherwise, wait until you file your 2024 return to report the Form 1099-R that represents the conversion of the Traditional IRA to the Roth IRA.  Conversions are reported by calendar year when the take place instead of being designated for a particular tax year like an IRA contribution.