Help Filling Out Form 8606

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Topic Author
Broadway2018
Posts: 305
Joined: Sat May 13, 2017 3:34 pm

Help Filling Out Form 8606

Post by Broadway2018 » Mon Jun 29, 2020 10:41 pm

I made my first backdoor contribution for tax year 2019 this year (in 2020) since the deadline was extended. I filled out as follows:

Line 1: $6000
Line 2: $0
Line 3: $6000

Line 14: $6000

Can anyone confirm if this is all I need to fill out this year? Thank you in advance!

kaneohe
Posts: 6502
Joined: Mon Sep 22, 2008 12:38 pm

Re: Help Filling Out Form 8606

Post by kaneohe » Mon Jun 29, 2020 11:05 pm

looks right to me.

lakpr
Posts: 5403
Joined: Fri Mar 18, 2011 9:59 am

Re: Help Filling Out Form 8606

Post by lakpr » Tue Jun 30, 2020 7:42 am

Yep, looks right to me too. That $6000 on line 14 will move to line 2 on Form 8606 when you file the taxes for 2020, next year.

billc23
Posts: 5
Joined: Wed Sep 05, 2012 3:52 pm

Re: Help Filling Out Form 8606

Post by billc23 » Tue Jun 30, 2020 8:21 am

Maybe. Look at line 11, 12, and 13. If you converted all you IRA money to Roth then line 14 would be 0.

lakpr
Posts: 5403
Joined: Fri Mar 18, 2011 9:59 am

Re: Help Filling Out Form 8606

Post by lakpr » Tue Jun 30, 2020 8:32 am

billc23 wrote:
Tue Jun 30, 2020 8:21 am
Maybe. Look at line 11, 12, and 13. If you converted all you IRA money to Roth then line 14 would be 0.
The poster made the non-deductible contribution in 2020, for the 2019 tax year. There is no chance that line 14 would be zero; there is no Roth conversion before the contribution is even made.

kaneohe
Posts: 6502
Joined: Mon Sep 22, 2008 12:38 pm

Re: Help Filling Out Form 8606

Post by kaneohe » Tue Jun 30, 2020 8:34 am

billc23 wrote:
Tue Jun 30, 2020 8:21 am
Maybe. Look at line 11, 12, and 13. If you converted all you IRA money to Roth then line 14 would be 0.
contribution was made in 2020 (for 2019) so any conversion would be in 2020.

catchinup
Posts: 143
Joined: Sun Dec 31, 2017 6:35 pm

Re: Help Filling Out Form 8606

Post by catchinup » Tue Jun 30, 2020 9:37 am

Broadway2018 wrote:
Mon Jun 29, 2020 10:41 pm
I made my first backdoor contribution for tax year 2019 this year (in 2020) since the deadline was extended. I filled out as follows:

Line 1: $6000
Line 2: $0
Line 3: $6000

Line 14: $6000

Can anyone confirm if this is all I need to fill out this year? Thank you in advance!
Hi I did similar, except I also made my 2020 contribution at the same time. Also, I am over 50. So, in 2020, I contributed $14K as follows

Contributions made in 2020 --
$7K (for 2019)
$7k (for 2020)

I converted the total $14K to Roth the next day (The contribution and re-class happened around February of 2020).

So in my case, would I only be reporting the $7k for 2019? In other words:

Line 1: $7000
Line 2: $0
Line 3: $7000

Line 14: $7000

Also, my total basis in Traditional IRA and SEP at the end of 2019 was 0. But I also have an inherited IRA with a balance at the end of 2019, so does that impact anything?

Thanks

kaneohe
Posts: 6502
Joined: Mon Sep 22, 2008 12:38 pm

Re: Help Filling Out Form 8606

Post by kaneohe » Tue Jun 30, 2020 10:22 am

catchinup wrote:
Tue Jun 30, 2020 9:37 am
..............................................

Hi I did similar, except I also made my 2020 contribution at the same time. Also, I am over 50. So, in 2020, I contributed $14K as follows

Contributions made in 2020 --
$7K (for 2019)
$7k (for 2020)

I converted the total $14K to Roth the next day (The contribution and re-class happened around February of 2020).

So in my case, would I only be reporting the $7k for 2019? In other words:

Line 1: $7000
Line 2: $0
Line 3: $7000

Line 14: $7000

Also, my total basis in Traditional IRA and SEP at the end of 2019 was 0. But I also have an inherited IRA with a balance at the end of 2019, so does that impact anything?

Thanks
sounds correct to me............I believe your inherited IRA goes on a separate 8606 (just as your spouse's does) and so would not impact the 8606 for your own IRA https://www.taxact.com/support/21070/20 ... -form-8606

Topic Author
Broadway2018
Posts: 305
Joined: Sat May 13, 2017 3:34 pm

Re: Help Filling Out Form 8606

Post by Broadway2018 » Tue Jun 30, 2020 11:35 am

Thanks everyone! I cannot thank this forum enough for the help on these things. Without this forum, I would be lost.

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