Question

Form 8606 CA Disaster Tax Extension

Forum|Forum|2 years ago
July 7, 2023
1 reply
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Hi,

Context:

CA has a tax extension for disaster-affected areas till October this year, so I am working on filing my taxes.

I recently (after April 2023, but before October 2023) did a 2022 backdoor Roth (I can't contribute directly to a Roth IRA due to income limit, so I opened traditional IRA, contributed 6k, called Fidelity to characterize it as a 2022 contribution, then converted to Roth IRA).

Conversion is performed in 2023, and so I don't receive any tax forms for 2022 now.

After making the 6k contribution, account got more interest (~$10), but that also got converted into the Roth account, but I didn't pay tax on the interest.

Questions:

1. For filling out Form 8606, line 1 says "Enter your nondeductible contributions to traditional IRAs for 2022, including those made for 2022 from January 1, 2023, through April 18, 2023". I am putting 6000 here, even though it was contributed after April 18, 2023 -- is this fine?

2. Similarly, on line 4, it says "Enter those contributions included on line 1 that were made from January 1, 2023, through April 18, 2023". Should I enter 6000 here too? It was again made after April, 18 2023

Not A Product Question

Critter-3

1. For filling out Form 8606, line 1 says "Enter your nondeductible contributions to traditional IRAs for 2022, including those made for 2022 from January 1, 2023, through April 18, 2023". I am putting 6000 here, even though it was contributed after April 18, 2023 -- is this fine? Correct

2. Similarly, on line 4, it says "Enter those contributions included on line 1 that were made from January 1, 2023, through April 18, 2023". Should I enter 6000 here too? YES ... line 4 wants to know HOW MUCH of the contribution was made from 1/1 to the normal 4/18 date however you know you had extra time due to the extension even if the program was not written into it as most of the US did not get extra time.