Author Topic: "Backdoor Roth" and form 8606  (Read 1239 times)

Merrie

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"Backdoor Roth" and form 8606
« on: April 27, 2015, 07:39:45 PM »
A few years ago we contributed to nondeductible IRAs and rolled them over into Roths, on the advice of our tax preparer at the time. I don't feel like getting into the question of whether that was a good idea or not, as it's done and our circumstances are different now so it doesn't make sense to consider doing it again. My question is this--I am reading now that when you contribute to a nondeductible IRA you are supposed to submit form 8606 to the IRS. We did not do this, unless our tax preparer or financial advisor did it for us, which I wouldn't think they would be able to. Do we need to go back and file this? I read that if you don't, it'll be treated like a deductible IRA and taxed thus at retirement. Or since the funds have since ended up in a Roth, does it matter?

MDM

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Re: "Backdoor Roth" and form 8606
« Reply #1 on: August 20, 2015, 08:59:37 PM »
If you haven't resolved this already, see https://www.bogleheads.org/forum/viewtopic.php?t=36030.

From a cursory glance, it seemed the advice is to send in the forms, even though late, and there will be no penalty - but you should read in more detail to be sure.