Dear @AnnetteB6 , @DanaB and Turbotax Team,
You were so helpful last year to let me know that my form 8606 looked correct, and I appreciated your help. I’m hoping you can confirm that I correctly entered my information into Turbotax (for tax year 2024) for my:
- Backdoor Roth of $6500 (converted in March 2024 for tax year 2023)
- and for the nondeductible IRA that I contributed $7000 to in March of 2025 for tax year 2024 (which I immediately converted into backdoor Roth)
- I started with a zero balance and ended with a zero balance in my traditional IRA by converting it all to a Roth. My IRA value was $0 as of December 31st of each year. All contributions to my traditional IRA have been non-deductible, due to MAGI.
- I followed the Turbotax directions for entering a backdoor ROTH conversion, completing
- Step 1: Enter the Non-Deductible Contribution to a Traditional IRA, for the backdoor ROTH of $7000 that I converted in March 2025 (for tax year 2024).
- I entered my 2024 1099-R and completed Step 2: Enter the Conversion from a Traditional IRA to a Roth IRA, for the backdoor ROTH of $6,500 that I converted in March of 2024 (for tax year 2023).
- I followed the steps for "If your conversion contains contributions made in 2024 for 2023", and answered the questions about the basis from line 14 of 2023 Form 8606 ($6500) and the value of all traditional, SEP, and SIMPLE IRAs ($0).
My 1040 line 4a is $6501, 4b is $1, and Schedule 1 Line 20 is $0 (blank).
Here is my current tax year 2024 form 8606. Can you please tell me if my form looks correct based on the above information, or if there is anything I need to change?
I believe my form 8606 correctly shows that I:
1) have a basis of $7,000 to carry over to tax year 2025 (from my March 2025 non-deductible IRA contribution and conversion to ROTH for Tax Year 2024) and
2) $1 of my March 2024 conversion for Tax Year 2023 is taxable (in the day between contributing/converting, the value of my contribution increased in value by $1).
Thank you very much!
Dear @DanaB27 and Turbotax Experts,
I am hoping you can confirm how my Form 8606 should look for tax year 2025, when I work on my taxes next Spring.
In March 2025, I contributed $7,000 to a non-deductible traditional IRA for tax year 2024 and immediately converted to a ROTH IRA (backdoor).
In April 2025, I will be contributing an additional $7,000 to a non-deductible traditional IRA for tax year 2025 and will immediately convert to a ROTH IRA (backdoor).
When filing for tax year 2025 (in 2026), I will be reporting:
In 2026, when filing for tax year 2025, should my 8606 look like this?
Line 1: 7000
Line 2: 7000
Line 3: 14,000.
Line 4: 0 (My contribution for the 2025 tax year will *not* have been made from January 1, 2026 - April 15, 2026).
Line 5: 14,000.
Line 6: 0.
Line 7: 0.
Line 8: 14,000.
Line 9: 14,000.
Line 10: 1.000
Line 11: 14,000.
Line 12: 0.
Line 13: 14,000.
Line 14: 0.
Line 15: 0.
Line 16: 14,000.
Line 17: 14,000.
Line 18: 0.
Thank you for your help! I appreciate it.