I know there are lots of variations of this question, but I'm not sure if the details are exactly the same as my situation.
I made a direct ROTH contribution in 2023. Then I realized in 2024, before the tax deadline that I was ineligible to directly do it and needed to do a backdoor ROTH. So I pulled the contributions out of the ROTH along with the interest that money made. In other words, I didn't directly recharacterize the contribution. Instead, I turned around and did a non-deductible contribution within the 60 days (before April 15th) to a traditional IRA and then converted it to ROTH.
I then later did the contribution for 2024 into traditional IRA and converted it to ROTH IRA.
This year, I got two 1099-R forms:
1. The first one shows the $6500 withdraw + the interest being distributed.
$9,481.36 in box 1.
$2,981.36 in box 2.
2. The second form shows distribution for both years together:
$13,502.79 in box 1.
$13,502.79 in box 2.
($6,500 for 2023 and $7000 for 2024 + a couple of dollars of interest in the traditional I converted to ROTH to avoid having to worry about pro-rata rules).
After entering the info in, this year's 1040 is showing distributions of $22984. And a taxable amount of $6503.
I wasn't sure how to fill out form 8606 to properly reflect moving both years distributions over to the ROTH IRA. For 2024, here are the lines:
1. 7000
3. 7000
5. 7000
8. 13503
9. 13503
10. 0.518
11. 7000
13. 7000
16. 13503
17. 7000
18. 6503
Here are my questions:
1. Do I need to go back and amend my taxes for 2023 with a form 8606?
2. While I believe I should be taxed on the $3 converted and the $2,981.36 distribution, I shouldn't be taxed on this $6500. What should I change on my form 8606 for this year to make the math come out right?
Thank you!
