Tax question for the board. Made 2021 and 2022 Traditional IRA contributions in January 2022. Both are non deductible contributions. I’m not seeing a Form 8606 in my 2021 filing (Turbo Tax) so I’m thinking I need to go back and file it for the 2021 contribution?

I did a Roth conversion in 2022 so the basis should be $12,000 (max contributions for 2021 and 2022).

Appreciate any help. Thanks.

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Posted by gpburdell

ATL

Member since Jun 2015

1579 posts

Posted on 3/5/23 at 10:11 pm to lynxcat

The deadline for a Roth conversion is Dec 31 of the year you want it applied.

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

40254 posts

Posted on 3/5/23 at 10:39 pm to lynxcat

Did you ensure that 2021 return didn’t deduct it? Or did you not enter it in and that’s why the form didn’t populate,

Also reminder about the pro rata rule.

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Posted by Free888

Member since Oct 2019

2909 posts

Posted on 3/6/23 at 8:27 am to lynxcat

Did you look at TT in form view? I had the same question a year or two ago and it took me awhile to find that TT does transmit it. Here’s a discussion from the TT help forum 8606 Discussion

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Posted by lynxcat

Member since Jan 2008

25028 posts

Posted on 3/6/23 at 11:13 am to LSUFanHouston

quote:
Did you ensure that 2021 return didn’t deduct it? Or did you not enter it in and that’s why the form didn’t populate,

I do not see either my or my wife's nondeductible contributions anywhere on my 2021 filing. So, I'm going to assume I didn't enter it appropriately. Also confirmed that there was not a deduction for either contribution in 2021.

Would my next step be filing a Form 8606 for 2021 for myself and my wife as two separate forms? Reads as each is subject to a $50 fine.