Tax experts,
In 2022, I opened a traditional IRA and a Roth IRA account (This is my first time opening both accounts).
In March 2022, I made a post-tax contribution of $6000 to traditional IRA for the previous year(2021) and converted the entire amount to Roth IRA a few days later. In April 2022, I made a post-tax contribution of $6000 to traditional IRA for the current year(2022), and also converted the entire amount to Roth IRA a few days later.
Here are my questions:
1. Since I filed my 2021 tax before I made my 2021 IRA contribution, my 2021 tax return didn't include form 8606. After researching online, it seems that I need to file the 2021 version of form 8606 to IRS to establish the basis with IRS. Is it OK for me to just mail the completed and signed form 8606 to IRS or do I need to amend my 2021 return in Turbotax?
2. For the 2022 tax return I am currently working on, I uploaded 1099-R (which has 12000 in both box 1 and 2a) and followed on-screen instructions.
Below is the final 2022 8606 form generated by Turbotax. Does it look right to you? Note that I answered 'Yes, I made and tracked nondeductible contributions to my IRA and entered 6000 in the 'Total Basis as of December 31, 2021' box, which I believe is the amount on line 14 of the previous year(2021)'s 8606 form.
Thank you !
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1) Yes, you can file the 2021 Form 8606 alone.
Technically you can be fined $50 for failing to file the form on time, but the penalty can be waived if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.
2) Yes, your 2022 Form 8606 looks correct.
1) Yes, you can file the 2021 Form 8606 alone.
Technically you can be fined $50 for failing to file the form on time, but the penalty can be waived if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.
2) Yes, your 2022 Form 8606 looks correct.
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