☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Apr 7, 2024 8:37:19 PM

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

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

 

0 1 5830
1 Replies
Expert Alumni
Apr 8, 2024 7:08:49 AM

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.