When you did a Backdoor Roth IRA conversion, you need to file this event with the IRS by filling out the form 8606 when you file your tax return. This video will show you how to fill out the form 8606 when you did non-deductible contribution and conversion in different years….(read more)
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Excellent video! Question: What are the rules governing a backdoor Roth IRA? Is it treated as a contribution and I can withdraw the amount at anytime or a distribution, must be at least 59.5 yrs before I can take that money out? Thanks.
great tutorial. where do i mail it to ? thanks im in california
Very useful video, thank you very much for sharing! I have one question, my Roth IRA conversion amount is different than the amount stated in the Form 1099-R provided. I actually converted $12,050 to Roth IRA in 2021, but the 2021 Form 1099-R showed $11,975. Do you know the possible reason? So which number should I use to report on Form 8606? Thank you!
Thanks a lot for the video. It is very helpful. Do we also need to report 5498 form?
This is the only video that explained well how to fill out 8606 for the first timer. Thank you.
Now how do you report all of this on Turbo Tax?
Nice video. This is the only video I found that shows what to do when selecting “NO” on line 3. This work for first year. In here, since you converted all traditional IRA to Roth IRA in 2018, the total basis in traditional IRA (box 2) will be 0 for the 2019 tax year, right?
In this case, for 2017, shouldn't line 4 be 5500 because you contributed this in Jan 2018?
Thanks a lot for the video. This was very helpful indeed. Could you please help with my query?
Can I still contribute to traditional nondeductible IRA for year 2019, and transfer that amount to Roth IRA? I have done that for 2020 already. I have already filed taxes for 2019.
If yes, do I need to send form 8066 to IRS now or can I send for 2019 and 2020 together next year when I file tax for 2020 in 2021.
Thanks