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Should I amend my 2020 tax return for backdoor Roth conversion?

Forum|Forum|5 years ago
May 10, 2021
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I have submitted my 2020 tax return on mid-April, 2021, and IRS has accepted my return. However, I found out that I can still make non-deductible contribution to my traditional IRA and then do the Roth conversion for 2020 prior to the tax date of May 17, 2021. So I did the non-deductible traditional IRA contribution and then the Roth conversion for 2020 in the early May of 2021. Do I need to amend my 2020 tax return prior to the tax date of May 17, 2021?

Best answer by macuser_22

By entering the IRA contribution and making it non-deductible unless it is automatically non-deductible because yiur MAGI is too high to deduct.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

macuser_22

Employee

If you did not enter the non-deductible contribution and have a 8606 form with the non-deductible contribution on line 1,3 and 14, then you must amend to report it.

Any conversion done in 2021 is a 2021 conversion reported on 2021 tax next year.

**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.**

S

SWW3Author

Thanks. How do I trigger the 8606 form in Turbo Tax when I amend my 2020 tax return?

macuser_22Answer

Employee

By entering the IRA contribution and making it non-deductible unless it is automatically non-deductible because yiur MAGI is too high to deduct.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

**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.**