Late Backdoor Roth Multi Year

Forum|Forum|3 years ago
October 15, 2022
4 replies
24 views

Hello,

I need help with the following:

1. I made a $6k after-tax contribution to my traditional IRA in Dec 2020.
2. I then converted $6k from my traditional IRA to a Roth IRA in Jan 2021.

3. I made another $6k after-tax contribution to my traditional IRA in Dec 2021.

4. Lastly, I converted $6k from my traditional IRA to a Roth IRA in Jan 2022.

So basically I screwed up two years in a row and did late backdoor conversions.

I need help in reporting these transactions correctly. I’m using TTO

TurboTax Basic Windows

Critter-3

Level 15

Just take things once step at a time :

1. I made a $6k after-tax contribution to my traditional IRA in Dec 2020. Reported on the 2020 return as non deductible contributions.

2. I then converted $6k from my traditional IRA to a Roth IRA in Jan 2021.

3. I made another $6k after-tax contribution to my traditional IRA in Dec 2021.

2&3 are both reported on the 2021 return ... first enter the 2021 non deductible contribution and then enter the issued 1099-R and simply follow the program screens to indicate the conversion.

4. Lastly, I converted $6k from my traditional IRA to a Roth IRA in Jan 2022. Easy ... using the issued 1099-R you will report this on the 2022 return.