on 7/15/20 I opened and funded a Traditional IRA for both 2019 and 2020 with after tax dollars. (amt Deposited 12k). On 7/23/20 I opened and funded a Roth IRA and moved the 12k into this Roth.
I have no other Traditional IRA accts and year end balance of the Traditional Acct is $0.
I am trying to figure out how to report this for both tax years.
From what I read, it sounds like I need to:
* amend my 2019 Tax Return to show I opened a Traditional IRA and funded it for 6k.
* Then 2020 I need to report that I funded the Traditional IRA (6k) and then report the full Roth Conversion of 12k for 2020.
Appreciate any help. If there is another thread that walks me thru the steps that would be most helpful!
Thanks
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Yes, you will have to amend your 2019 tax return to add the $6,000 contribution.
Please see How do I amend a 2019 return in TurboTax?
To enter the $6,000 nondeductible contribution to the traditional IRA on the 2019 amended return:
Yes, you need to report the contribution the Traditional IRA (6k) and then report the full Roth Conversion of 12k for 2020.
Steps on your 2020 tax return:
To enter the $6,000 nondeductible contribution to the traditional IRA for 2020:
To enter the 1099-R distribution/conversion:
Thank you!! This was SO HELPFUL!
yes, thank you very much, this was extremely helpful and has allowed me to do this properly for 2020 and adjust accordingly...
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