How to report mega backdoor IRA contributions?

Forum|Forum|1 year ago
March 25, 2025
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My company offers a 401K account with Fidelity. I already maxed out my normal 401K contribution for 2024. I'm not eligible for Roth IRA. I did not contribute to traditional IRA. However, Fidelity supports a mega backdoor Roth IRA so I contributed an additional $14K after-tax fund into my 401K account and than did an in-plan Roth conversion.

For more information:

https://www.fidelity.com/learning-center/personal-finance/mega-backdoor-roth

Can I also contribute to traditional IRA for 2024 before April 15 even after I contributed to the mega backdoor Roth?

Do I need to report the $14K mega backdoor Roth contribution in this scenario? If so, please share the steps.

Thanks for the help.

TurboTax Deluxe Online

DanaB27

Yes, you can make contributions to the traditional IRA for 2024. Please see IRA contribution limits and How do I enter a backdoor Roth IRA conversion? for additional information.

You should have gotten a Form 1099-R with code G for the conversion to Roth IRA:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Enter the Form 1099-R information
On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
On the "Did you move the money to a Roth IRA?" screen answer "Yes"
Say "Yes" to "Did you make after-tax contributions"