@69VanNuys wrote:
When completing the From 8606, between lines 3 and 4 it asks if a Roth IRA conversion has been made in 2019. Does this include a Traditional to Roth IRA conversion that takes place in January 2020?
If you mean "In 2019 did you ... make a Roth conversion?" "If yes then go to line 4"?
Then NO, that is NOT a 2019 conversion if it was converted in 2020. You will get a 2020 1099-R for that and report it on your 2020 tax return next year.
While you have until July 15, 2020 to make a 2019 *contribution*, a *conversion* made anytime in 2020 is a 2020 conversion.
[Edited 03/24/20 to reflect IRS and state extended due dates]
No, this doesn't include a Traditional to Roth IRA conversion that takes place in January 2020.
A Roth conversion made any time in 2020 is a 2020 conversion, not a 2019 conversion.
[Edited 02/24/2020|10:17 PST]
@69VanNuys wrote:
When completing the From 8606, between lines 3 and 4 it asks if a Roth IRA conversion has been made in 2019. Does this include a Traditional to Roth IRA conversion that takes place in January 2020?
If you mean "In 2019 did you ... make a Roth conversion?" "If yes then go to line 4"?
Then NO, that is NOT a 2019 conversion if it was converted in 2020. You will get a 2020 1099-R for that and report it on your 2020 tax return next year.
While you have until July 15, 2020 to make a 2019 *contribution*, a *conversion* made anytime in 2020 is a 2020 conversion.
[Edited 03/24/20 to reflect IRS and state extended due dates]
I'm glad I found this... I was extremely confused by this part. I contributed & converted to backdoor roth between Jan and Apr 2020 for the year 2019 but forgot to file a 8606. This seems to match this question and answer: in this case, if I contributed and converted 6k, my form 8606 would look like the following:
Line 1: 6000
Line 3: 6000
Line 14: 6000
Everything else: empty
Is this right?
@xheyhenry wrote:
I'm glad I found this... I was extremely confused by this part. I contributed & converted to backdoor roth between Jan and Apr 2020 for the year 2019 but forgot to file a 8606. This seems to match this question and answer: in this case, if I contributed and converted 6k, my form 8606 would look like the following:
Line 1: 6000
Line 3: 6000
Line 14: 6000
Everything else: empty
Is this right?
For the 2019 8606 that would be correct.