Question about IRA and filing an amendment

[Sam78]

Makes sense. Thank you very much for you help!

[ayt1234]

Hello (@dmertz),

I have a similar question. I converted my 2022 trad IRA contribution to a roth IRA after I already filed. While filling out my 2023 IRA and entering my 2023 1099-R (with R in box 7) Turbotax flagged that I might need to amend my 2022. I went through the process of amending my 2022 return on TurboTax, but at the end it said there would be $0 change to both fed and state.

Q1: I'm past the October 2023 deadline for e-filing an amended return, is it really necessary for me to mail an amended return when it makes no impact on what I owe or am owed?

When I tried to look it up, it seemed like one person was saying mailing form 8606 is all that is needed, but I didn't see any form 8606 in the pdf file that Turbotax prepared for my amended tax return file. In general, when looking through the amended return, aside for the Forms with X at the end being added, the content looked the same.

Q2: I also have a 2023 Form 5498 for the recharacterization, but I don't see where that information goes.

Any help would be be appreciated. Thank you. 

[dmertz]

@ayt1234 , TurboTax is just reminding you that your filed 2022 tax return needed to reflect the contribution that resulted from the recharacterization rather than the original contribution.

You didn't say which direction the recharacterization was done.  If you recharacterized the entire contribution from traditional to Roth, there would be no nondeductible traditional IRA contribution to report on line 1 of 2022 From 8606 and no deductible contribution to report on 2022 Schedule 1.  If you recharacterized from Roth to traditional, the resulting traditional IRA contribution needs to be present either as a nondeductible traditional IRA contribution on 2022 Form 8606 line 1 or as a deductible contribution on 2022 Schedule 1 line 20.

[ayt1234]

@dmertz , thanks for your reply. Just to confirm...I switched the full amount from traditional to a Roth. Does that mean I don't need to file an amendment (since there's no contribution to report on Schedule 1 or 8606)?

[DaveF1006]

No. You do not need to amend your 2022 return because the conversion was reported in a 1099R for 2023.

@ayt1234 

[dmertz]

There is no need to amend because you have no traditional IRA contribution reported on your originally filed tax return that would need to be removed.