Backdoor Roth – Contribution to TIRA after filed taxes
Client made contribution to Non-Deductible IRA after filing taxes. Essentially, filed his taxes in March 2021 and made a 6,000 contribution to his non-deductible Traditional IRA in April for the prior year. I immediately converted the contribution to his Roth.
Can the client file form 8606 – which I assume was not filed when he did his taxes? Does he need to amend his taxes for 2020?
Permalink Submitted by Alan - IRA critic on Fri, 2021-05-07 15:25
The missing 2020 8606 can be filed alone showing the contribution on lines 1,3 and 14, and the line 14 basis will carry over to line 2 of the 2021 8606 reporting the conversion. Any 2021 ND Contribution will go on line 1 of the 2021 8606.