For 2019 backdoor ROTH IRA conversion, I was little late and that transaction happened on Jan 3rd 2020. So, I don’t have 10990-R form.
How can I add backdoor ROTH IRA conversion?
I tried follow different steps from this forum, but it’s bit confusing when it’s asking me to add 1099-R form. Appreciate your help.
@Mpatel78 wrote:
For 2019 backdoor ROTH IRA conversion, I was little late and that transaction happened on Jan 3rd 2020. So, I don’t have 10990-R form.
How can I add backdoor ROTH IRA conversion?
I tried follow different steps from this forum, but it’s bit confusing when it’s asking me to add 1099-R form. Appreciate your help.
You will report it on your 2020 tax return next year. If converted after Dec. 31, 2019 it is a 2020 conversion. Be sure to report any 2019 nondeductible Traditional IRA contributions on a 2019 8606 form that you will need.
@Mpatel78 wrote:
For 2019 backdoor ROTH IRA conversion, I was little late and that transaction happened on Jan 3rd 2020. So, I don’t have 10990-R form.
How can I add backdoor ROTH IRA conversion?
I tried follow different steps from this forum, but it’s bit confusing when it’s asking me to add 1099-R form. Appreciate your help.
You will report it on your 2020 tax return next year. If converted after Dec. 31, 2019 it is a 2020 conversion. Be sure to report any 2019 nondeductible Traditional IRA contributions on a 2019 8606 form that you will need.
Thanks for your reply.
As you suggested, I filed 8606 for nondeductible Traditional IRA.
On completion, there was a message that considering my adjusted gross income, I am not eligible for IRA. However, there is no other warning or message from TurboTax. I guess, that should be okay. right?
Right. It should say that yiu cannot deduct the contribution so it becomes non-deductible on a 8606 form.
I think the advice is wrong, you can still contribute to a back door roth and put it on your taxes before filing
@lizzie hindmarsh wrote:
I think the advice is wrong, you can still contribute to a back door roth and put it on your taxes before filing
The question and answers in this thread is about a *2019* tax return. The question was asked a year ago.
Quick question here.
1. I don't have a 1099-R since I contributed non-deductible into Traditional IRA(And converted it after Dec 31 2020). Following the steps, I fill the 8606 form.
2. For 2021, I will have 2 1099-R forms. One for 2020 and another for 2021(if I contribute for 2021 calendar year). Then how do I notify IRS of both 1099-R forms with the contribution reported in the previous year and the conversion mentioned the next year. I will have 1 contribution and 2 conversions for 2021 which seems odd. Am I missing anything?
Thanks again for your help!