Question

back door roth IRA

Forum|Forum|5 years ago
June 4, 2021
1 reply
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I have been doing back door roth IRA, but I am not sure if I have entered my previous IRA amounts on my taxes. Where do I find that on turbo tax and what implications to prior IRA's have? Should I amend my returns if they were not entered?

macuser_22

Employee

@schmad49 wrote:

I have been doing back door roth IRA, but I am not sure if I have entered my previous IRA amounts on my taxes. Where do I find that on turbo tax and what implications to prior IRA's have? Should I amend my returns if they were not entered?

Your Traditional IRA non-deductible contributions must be reported on a 8606 form line 1 for each tax year for which such a contribution was made with any prior years non-deductible on line 2 (coming from line 14 of the last filed 8606 form). Any tax year that a 8606 was missed must be amended to include the 8606 and non-deductible contribution that will also require amended any following 8606 forms.

Failing to file the 8606 will make the non-deductible contribution not eligible to be used to offset future tax on distributions.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**