Permalink Submitted by Alan - IRA critic on Wed, 2021-01-13 20:21
Yes. This is a 2020 contribution and would be reported on a 2020 8606. This provides the basis that can be applied for a conversion done in 2021. If there was no activity in 2020 other than the contribution, the 2020 contribution will show on line 14 of the 2020 8606 and move to line 2 of the 2021 8606.
Permalink Submitted by drex neumann on Wed, 2021-01-13 20:41
So if I go ahead and contribute $2,000 now (January2021) for last year, how does that work with the statements I get different accounts where the IRA are held that are coming out soon? Do I need new statements?
Permalink Submitted by David Mertz on Wed, 2021-01-13 22:27
If you haven’t already made the maximum IRA contribution for 2020 at a particular custodian, that custodian won’t issue the 2020 Form 5498 for any of your IRAs until after April 15, 2021 in anticipation that you might make a contribution for 2020 that would be required to be reported on that form. So no, the IRA custodian won’t need to issue any corrected forms since the originals won’t be issued before the IRA contribution deadline.
Permalink Submitted by Alan - IRA critic on Wed, 2021-01-13 20:21
Yes. This is a 2020 contribution and would be reported on a 2020 8606. This provides the basis that can be applied for a conversion done in 2021. If there was no activity in 2020 other than the contribution, the 2020 contribution will show on line 14 of the 2020 8606 and move to line 2 of the 2021 8606.
Permalink Submitted by drex neumann on Wed, 2021-01-13 20:41
So if I go ahead and contribute $2,000 now (January2021) for last year, how does that work with the statements I get different accounts where the IRA are held that are coming out soon? Do I need new statements?
Permalink Submitted by David Mertz on Wed, 2021-01-13 22:27
If you haven’t already made the maximum IRA contribution for 2020 at a particular custodian, that custodian won’t issue the 2020 Form 5498 for any of your IRAs until after April 15, 2021 in anticipation that you might make a contribution for 2020 that would be required to be reported on that form. So no, the IRA custodian won’t need to issue any corrected forms since the originals won’t be issued before the IRA contribution deadline.