Question

Do I need to file a form 8606 for 2019 if I recharacterize my ROTH contribution to Traditonal?

Forum|Forum|5 years ago
September 27, 2020
1 reply
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I recharacterize my ROTH IRA contribution to a Traditional IRA contribution but I didn't deduct that contribution to my 2019 tax return. Should I still send a form 8606 to specify that it is a non-deductible contribution? If so, do I need to send an amendment to my 2019 tax return and is there a deadline for filing that amendment? How much will be the penalty for not passing a form 8606?

Thank you so much!

macuser_22

Employee

Yes. You mist file a 8606 for ANY non-deductible Traditional IRA contribution or it will n ot be allowed to be used in the future to offset tax on distributions.

If you enter the Roth contribution as a Roth contribution in the TurboTax IRA contribution interview and say that you switched it to a Traditional IRA and did not deduct it then TurboTax will automatically add the 8606 to your 2019 tax return. If you already filed 2019 then you will need to download a blank 8606 from the IRS forms site and manually fill it out and mail it to the IRS.

**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.**