ira contribution

[s00]

I forgot to make my 2023 IRA contribution in 2023 so I made $6500 contribution to my Traditional IRA in 1/2024 for the 2023 season and I converted it to my ROTH IRA also in 1/2024. Do I report that $6500 TIRA contribution on my 2023 tax return and then wait to report the conversion in 2024 tax return once I receive the 1099-R? Also will I be receiving two 1099-R if I make the 2024 IRA contribution in 2024 and have to report the two conversions? thank you in advance

[AnnetteB6]

Yes, you do report the 2023 contribution to the Traditional IRA as part of your 2023 tax return.  Since you already converted the amount to a Roth IRA, be sure that you designate the contribution to be non-deductible.

Then, after you receive the Form 1099-R for 2024, you will report the conversion of the distribution to the Roth IRA.  If you are using the same financial institution for all of your IRA accounts, you will receive only one Form 1099-R for 2024 which will report your 2023 and 2024 contributions being converted to a Roth IRA.

Be sure to include the 2024 Traditional IRA non-deductible contribution as part of your 2024 return.

Take a look at the following TurboTax help article for more information.  For now, you are only completing the first step to report your 2023 Traditional IRA contribution.

How do I enter a backdoor Roth IRA conversion?