backdoor IRA and tax

[DMFA]

If you make the TIRA contribution *for* 2016, you have to file an 8606 *for* 2016, even if you made it *in* 2017.

Where is this $3,700 coming from if you didn't have any IRAs? I'm confused.

The 8606 for 2016 will just show your non-deductible contribution *for* 2016, no conversions, if there were no other IRAs in 2016. It would just be $6,500 on lines 1,3,4,14 and zero everywhere else.

[lmk1966]

sorry.., but it is still not clear for me..

Even if I had no money/account  wit ANY IRA in 2016, do I have to fill out 8606 now?

I got different information from sources. Some are saying that next tax season I will file 8606 and show 13K (6.5k+6.5k) and 3.7k and ...

then next year I will pay tax on 3.7k.

I already checked IRS site which are not very clear (to me) but it is said that penalty is $50 for not filling 8606.

It is not big deal but I do not want to have any problems

[jfoxcpacfp]

You posted that you did not have a 2016 IRA and i quoted your prior post stating that you were making a 2016 IRA contribution.

lmk1966 wrote:

I had no IRA (any) account at all in 2016 lmk1966

Click to expand...

lmk1966 wrote:

Also deposited 6.5 k (I am 50 yo) to traditional IRA  and will transfer tomorrow to Roth IRA (for 2016)

Click to expand...

 

[lmk1966]

Johanna, there is no message/post ... I do not see any...

[jfoxcpacfp]

lmk1966 wrote:

Also deposited 6.5 k (I am 50 yo) to traditional IRA  and will transfer tomorrow to Roth IRA (for 2016)

Click to expand...

 

[lmk1966]

I had no IRA (any) account at all in 2016

[lmk1966]

Which one in non-deductible: 3.7 k pre-tax that I had already or 6.5 k ?

FYI: 3.7 k were transferred to my traditional IRA in 2017 (I opened traditional IRA in 2017)

[jfoxcpacfp]

You need to file an 8606 for 2016 for the nondeductible TIRA contribution for 2016. You do not have to file the full amended return. You will fill out the front side only.

[lmk1966]

I contacted Fidelity and moved my 3.7k (pre-tax) from traditional IRA to Roth IRA (will pay tax next tax season on this sum)

Also deposited 6.5 k (I am 50 yo) to traditional IRA  and will transfer tomorrow to Roth IRA (for 2016)

Planning to do the same for 2017

I already did my tax for 2016

Q; Do I need to make any amendment now (? form 8606) or I can report everything on 8606 next year?