Hello, I'm finishing my 2020 return with Turbo Tax CD version. I did a Roth backdoor conversion in 2020 contributing to 2019 and 2020 in the same year. I did not have any money in a Traditional IRA in 2019. My 2019 Return includes form 8606 but I realized I did not fill out the form correctly since the information is not flowing into my 2020 return. What should I do to fix this?
On form 8606, I entered 7,000 on line 1 and zero for line 2.
On line 3 and 14 I entered the 7,000 and stopped there. Can I print out a new form 8606 and send an amended form? Do I make this change in Turbotax 2019 to carry to 2020?
Do I need to send an amended 1040 for 2019 to reflect the conversion? Or just the 8606?
Thank you for your help in advance.
Yes any years that need correction need to be filed with an amended return.
About Form 8606, Nondeductible IRAs states:
Amending Form 8606
Generally, after you file your return, you can change a nondeductible contribution to a traditional IRA to a deductible contribution or vice versa if you make the change within the time limit for filing Form 1040-X, Amended U.S. Individual Income Tax Return (see When To File in the Form 1040-X instructions). You also may be able to make a recharacterization (discussed earlier). If necessary, complete a new Form 8606 showing the revised information and file it with Form 1040-X.