Hi, I am wondering what the steps are to filing under deduction and credits. Someone contributed to traditional IRA in March 2024 for the year 2023 and then converted to roth and then contributed to traditional IRA and converted to roth for 2024. How can I report it under deduction and credit? what to enter for how much contributed in 2024? should it be 2023+2024 contribution or only 2023? if I enter 2023+2024, it says I owe penalty. How do I specify the amount for the last year? thanks
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You would need to Amend your 2023 return to report the contribution to IRA and subsequent conversion to Roth done in 2024.
For 2024, reporting a non-deductible IRA contribution, with a subsequent conversion to Roth is a two-step process. The steps are outlined here in How to Enter a Back-Door Roth Conversion.
Here's detailed info about handling Excess Roth IRA Contributions.
Thank you for reply. I think I entered the contribution made in 2024 for 2023 in the form 8606 when I filed in 2024. At that time, I didn't have the form 1099-R obviously.
Now, the form 1099-R includes both 2023 and 2024 contributions. What do I do? Do I still need addendum for 2023 or just enter 2024 contribution under deduction and credit and keeping the form 1099-R in my return as I received ? thanks
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