Back door Roth IRA conversion with conversion in different year

[jlermond9]

Hi!

First year doing a back door Roth IRA conversion due to income limits. I converted $6000 for both 2020 and 2021 earlier this year.  I’m very confused on how to report this. 

From my research, I would not receive a 1099-r because the conversion did not occur in 2020.  I would, however, need to report that I contributed $6000 to a traditional IRA.  I went through the steps for reporting the traditional ira and was met with the end message of over the income limit and $0 in deductions, but I’m wondering if I’m missing a step.

Any help would be greatly appreciated!

thanks! 

[macuser_22]

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@jlermond9 wrote:

Hi!

First year doing a back door Roth IRA conversion due to income limits. I converted $6000 for both 2020 and 2021 earlier this year.  I’m very confused on how to report this. 

From my research, I would not receive a 1099-r because the conversion did not occur in 2020.  I would, however, need to report that I contributed $6000 to a traditional IRA.  I went through the steps for reporting the traditional ira and was met with the end message of over the income limit and $0 in deductions, but I’m wondering if I’m missing a step.

Any help would be greatly appreciated!

thanks! 

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Correct - for a backdoor Roth the contribution cannot be deductible.   It should have generated a 2020 8606 form with the non-deductible contribution on line 1.   You will enter the 2021 contribution the same way next year.

[jlermond9]

I’m starting to get it. Grateful for your help!

When it asks “any non deductible contributions” do I answer yes or no?  The help guide indicates to answer yes to “generate the 8606 behind the scenes”, but it specifically says for 2019 or earlier, which wouldn’t apply to me.  So I’m lost again.  

[macuser_22 · Accepted solution]

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@jlermond9 wrote:

I’m starting to get it. Grateful for your help!

When it asks “any non deductible contributions” do I answer yes or no?  The help guide indicates to answer yes to “generate the 8606 behind the scenes”, but it specifically says for 2019 or earlier, which wouldn’t apply to me.  So I’m lost again.  

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Answer yes.  The 2020 contributions come from the 2020 contribution interview.

You enter any 2020 non-deductible contributions in the IRA contribution interview before entering the 1099-R.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR  Use the "Tools" menu  (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

[jlermond9]

Thanks a million!!