In 2013 and 2014 I made nondeductible contributions to traditional IRAs (each 6.5k) for my wife and I and neglected to file Form 8606 with our tax returns. I am preparing to file amended tax returns (1040x and 8606s) for both those years. I have the Form 5498s to document the contributions and my tax returns show no deductions taken. So I think I’m good there.
But in 2019 I started doing Roth conversions (just on my traditional IRA, not my wifes). Received the 1099-R from Vanguard each of those years and dutifully paid the taxes on the entire amount. Also didn’t know I needed to file 8606s for each of those Roth conversions (didn’t navigate the turbo tax question chain properly I guess).
So do I now need to go back starting at 2019 and amend those returns making sure the 8606 shows the Roth conversion and application of the pro rata rule to those conversions? Or can I just start in the current tax year and start applying my 13k basis to the conversion amount? Hopefully I’ve stated this properly.
If it matters I still have about 1.1M in my traditional IRA.
But in 2019 I started doing Roth conversions (just on my traditional IRA, not my wifes). Received the 1099-R from Vanguard each of those years and dutifully paid the taxes on the entire amount. Also didn’t know I needed to file 8606s for each of those Roth conversions (didn’t navigate the turbo tax question chain properly I guess).
So do I now need to go back starting at 2019 and amend those returns making sure the 8606 shows the Roth conversion and application of the pro rata rule to those conversions? Or can I just start in the current tax year and start applying my 13k basis to the conversion amount? Hopefully I’ve stated this properly.
If it matters I still have about 1.1M in my traditional IRA.
Statistics: Posted by bgaspard — Mon Mar 18, 2024 8:14 am — Replies 2 — Views 148