Question
Do I need to amend my 2022 return if I forgot to file form 8606 to report contributions to a non deducible traditional IRA or can I file form 8606 separately?
I already filed my 1040 tax return for 2022. However, I have realized I forgot to include form 8606 to report my contributions to my traditional IRA. My income is above the limit to contribute to Roth and I cannot deduct the contributions given that I have a 401k. I do not want to be taxed on these contributions again when they are withdrawn or back doored to a Roth, so it is my understanding I need to file form 8606 to report that these contributions were after tax. Can I simply file the form now or do I need to amend and refile my entire return?
Second question- I am also interested in the backdoor roth option. Can I do this at any time or did I need to do it in the year I made the contributions? The IRA has some taxed and some untaxed contributions in it from a rollover from a pension plan, but I am okay to cover any tax liability when if I can roll it all over to roth, as my income (and thus tax rate) will likely be going up in the future.
This is my first year working full time (college grad) so I am new to all of this.. Appreciate any help.
Second question- I am also interested in the backdoor roth option. Can I do this at any time or did I need to do it in the year I made the contributions? The IRA has some taxed and some untaxed contributions in it from a rollover from a pension plan, but I am okay to cover any tax liability when if I can roll it all over to roth, as my income (and thus tax rate) will likely be going up in the future.
This is my first year working full time (college grad) so I am new to all of this.. Appreciate any help.
