Backdoor Roth IRA conversion done after Dec 31

[siddheshshirke12]

I had a question related to the 1099-R form I received from Fidelity for the Backdoor Roth conversion. I think I did a mistake while moving money from IRA to Roth IRA account 

 Unknowingly I did not wait enough time for the cash to settle in the IRA account and hence had to do the conversion twice:

• On 28th Dec 2022 when I did the first transfer, only $0.01 got converted to ROTH IRA
• On 5th Jan 2023 I noticed that not all $6000 were converted and hence I initiated another transfer for $6,001.91

Because I converted $6,001.91 in 2023, the 1099-R form that I received for 2022 has only $0.01 in the box 1, 2a and also in the Roth IRA conversion amount in Form 5498

Is this expected and will this cause any issue while filing taxes (I have filed for an extension for 2022) ?

For the later amount ($6,001.91) that I moved on Jan 5th, will that be reflected in the 1099-R form for 2023?

Should I just report that I rolled over $0.01 this year and then rolled over about ~$12000 when I file taxes for 2023 ?

TIA

[Anonymous_]

@dmertz?

[dmertz · Accepted solution]

The $0.01 converted in 2022 will round to zero, so this conversion will not have any effect on your 2022 tax return.

The conversion performed in 2023 will be reported on a 2023 Form 1099-R and is reportable on your 2023 tax return.  Assuming that your traditional IRA contribution was nondeductible, that will appear on your 2022 Form 8606 Part 1 with the resulting amount on line 14 carrying forward to line 2 of your 2023 Form 8606.  If you make a nondeductible traditional IRA contribution for 2023, that will add to the basis carried in from 2022.  If you then convert that amount before the end of 2023, you'll have both conversions appearing on the 2023 Form 8606.