Form 8606 on catch up IRA
Plan: open a TIRA. Fund TIRA with 6,500 prior to April 15, 2019 as “catch up” from 2018. Separately, fund TIRA with 7,000 for 2019. Total 13,500. Then convert 13,500 to Roth IRA. Question: is form 8606 required to be filed for tax year 2018’s 6,500 (this April, 2019)? Or should form 8606 be filed next year for both amounts (13,500)? Thanks.
Permalink Submitted by David Mertz on Tue, 2019-03-12 17:52
A nondeductible traditional IRA contribution made for 2018, whether made in 2018 or 2019, must be included on line 1 of your 2018 Form 8606. Line 14 of your 2018 Form 8606 will transfer to line 2 of your 2019 Form 8606 to be combined with the amount on line 1 of your 2019 Form 8606 for any nondeductible traditional IRA contribution made for 2019.