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
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.
The program will populate the form automatically if you enter the information in the correct tax years.
Unfortunately I had to amend my 2020 return. I never reported my $6k after tax contribution to a traditional IRA in Dec 2020. Additionally, I did not file fm 8606 in 2020.
I see examples online for an initial 8606 so I’m comfortable in doing my fm 8606 for 2020 tax year. But I’m trying to figure out how the fm 8606 should look for 2021 tax year. Any guidance would be greatly appreciated!