Author Topic: Failed to report Roth Conversion for 2017  (Read 838 times)

casadilla

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Failed to report Roth Conversion for 2017
« on: February 23, 2019, 02:56:15 PM »
I made a non-deductible tIRA contribution in 2017, but didn't converted it to a Roth until 2018.  However, on my 2017 Form 8606, I reported the non-deductible IRA contribution, but failed to report the Roth conversion part.  Can someone more knowledgeable please explain the implications, and what actions I should take? Do I need to send out a 2017 Form 1040-X with a corrected 8606 before 04/15?  Clearly, I'm still learning!

Thanks in advance.

dandarc

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Re: Failed to report Roth Conversion for 2017
« Reply #1 on: February 23, 2019, 03:06:43 PM »
You wouldn't report the conversion on your 2017 taxes - it happened in 2018. I know it feels like a 2017 backdoor Roth, but it is a 2018 conversion.

casadilla

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Re: Failed to report Roth Conversion for 2017
« Reply #2 on: February 24, 2019, 08:54:39 AM »
Thanks dandarc,

It seems I may have conflated two separate deadlines: year-end IRA contributions (April 15) and Roth conversion deadline?

MDM

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Re: Failed to report Roth Conversion for 2017
« Reply #3 on: February 24, 2019, 11:00:51 AM »
Thanks dandarc,

It seems I may have conflated two separate deadlines: year-end IRA contributions (April 15) and Roth conversion deadline?
For conversions, tax year always equals calendar year.

But yes, contributions and recharacterizations may sometimes be done in one calendar year for a different tax year.