I failed to report a nondeductible traditional IRA contribution on the 2016 tax forms, but invest firm generated a 5498 which showed the contribution.

[ahbn41]

In order to do what you just described, I would need to go back in time to find out the total amount of  IRA contributions - traditional and roll-over and deductible in the 90s and nondeductible since 2016 and feed all that information into Turbotax and have it calculate how much tax and interest. i may owe. This is going to be difficult because lack of record keeping.  

I submitted the 2016 form 8606 this afternoon. 

Question:

Should I go ahead and convert the remaining balance in my traditional IRA just to zero out the traditional IRA as suggested as part of the back door roth conversion and to figure out the tax and interests later at time of  withdrawing money from my roth account OR all this division has to be done now before the roth conversion?

Thanks

[fanfare]

forget about deducted contributions to IRA , that doesn't matter to form 8606

It sounds like you made a non-deductible contribution in 2016 and 2020, and those amounts are all that goes on form 8606, assuming 2020 amount was designated for 2019. 

If you convert all your current value to Roth, which is what you seemed to intend, then your IRA balance will be zero and closed out.

There's nothing unusual about that.

[fanfare]

you are discussing the same issue on two different threads.

You're making it way more complicated than it really is.

[fanfare]

2020 amount , goes on 2019 form 8606, assuming 2020 amount was designated for 2019. 

[ahbn41]

I like to make thing simple like you just said.  I submitted the 2016 form 8606 yesterday and my plan was to do the backdoor roth conversion and zero out the tradditional IRA account. However Macuser pointed out something that I didnot think about. The IRS looks at the bigger picture from day one when I first got my job in my 20s and all my IRA contributions (deductible and nondeductible).  All my prior combined IRA contributions (deductible and  nondeductible) from various tradditional IRA accounts ended up at Fidelity today and its balance was $250 in 2015.  I dont have any record of them. I only have record of what Fidelity has which is $250 in my tradditional IRA in 2015.  I still do not understand what Macuser was trying tell me yesterday.  Macuser implied that I may owe tax and interest.

If i was making money in these IRA accounts over the years, then.. yes..  I would have to worry about paying taxes and interests, but I never made any money. I am guessing my  combined total tradditional IRA contribution up until 2015 was probably $10,000, and I lost 99% of  all my contributions through investing in stocks. In 2015 the balance in my fidelity tradditional IRA is $250!  I went from $10,000 to $250 in my tradditional IRA.  How could I owe tax and interest to the IRS?  Please explain.  

[ahbn41]

fanfare, I was on two different threads because I was in communication with two different turbotax support persons (critter-13 and macuser) on two different questions. You will now be my third. 

I have a questions for you. 

Question: Can I convert my 2016 traditional IRA contribution  2016 to my roth ira today? I just recently learn of this back door roth conversion and also I recently learned of form 8606.  I learned that Turbotax failed to generate an 8606 for my 2016 tax filing so I had to send one in yesterday. 

I contributed $3000 to my IRA in 2016 and of course I lost some of that $3000 through stock trading. My balance in my IRA prior to my 2020 IRA contribution was only $2,200. I lost money.  That means I did not make money. That means I do not owe tax or interest.  

I have that $2,200 sitting in the traditional IRA today and I now want to convert it to my roth ira.  

Am I allowed to do this back door conversion? 

[Critter-3]

Can I convert my 2016 traditional IRA contribution  2016 to my roth ira today?    YES ... a thousand times yes. 

[ahbn41]

Thank you Critter