Question

IRA backdoor conversion

Forum|Forum|6 years ago
February 15, 2020
2 replies
0 views

I know there is a thread about backdoor conversion, but I need help for my specific situation. We made a contribution of $6500 to a traditional IRA on 4/16/2018 for the 2017 tax year. We made a $6500 contribution on 4/16/2018 to a traditional IRA also on 4/16/2018 for the 2018 tax year. Total $13,000. On 3/19/2019 these contributions were converted to a roth and I now have a 1099 R reporting distribution of $13,867.68. Box 7 is marked "2", the box for IRA/SEP/Simple is marked with an X. How in the heck do I report this on my 2019 tax return. Do I need to make any kind of amendment to my 2018 return?

macuser_22

Employee

You should have submitted a 2017 8606 form that reported the non-deductible contribution on line 1 and a 2018 8606 for that years contribution with the total on line 14. The total of all contributions (assuming no distributions) would be on line 14 of the last filed 8606 which is then used as your basis for the 2019 distribution/conversion.

**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.**

A

Anonymous

did you take a tax deduction for either of the traditional IRA contributions?