Lost IRA with 10years of backdoor Roths

[Raydoc]

Found a lost account of my wife’s by doing some account linking with TDA. 27k of lost money, awesome right? Well I feel a bit ill as I have been doing 10years of backdoor roths for the both of us while this account was resting peacefully. I contacted TDA and they confirm this is a traditional IRA opened in 2008, not a Roth/mistake during scottrade merger. I have already done the backdoor for 2020 and I have already filed 2019 taxes.

Options I am considering.
1. Convert the thing to a Roth and roll into her Roth IRA account and never look back.
2. Consult accountant as I use TurboTax to unwind however many years of this I need to.
3. Put my head in the sand and reforget about this account.

Open to other ideas and thanks in advance for advice

[CordMcNally]

2.)

In my experience, I've found that ignoring known problems (whether it be medical, house related, financial, etc.) only make things worse in the long run.

[canadianoutlaw]

Agree. Would clean it up now. May as well while market is down. #2.

[Max Power]

Another vote for #2... not the end of the world if you can only fix the past few years (expect that). Best of luck.

[GasFIRE]

Uh-oh. The statute of limitations for the IRS to assess taxes is 3 years from the due date including extensions if used. So you’ll have to amend at least the past 3 years returns. Would definitely seek professional help from a tax accountant. Hopefully the experts on this forum will weigh in.

[CordMcNally]

Uh-oh. The statute of limitations for the IRS to assess taxes is 3 years from the due date including extensions if used. So you’ll have to amend at least the past 3 years returns. Would definitely seek professional help from a tax accountant. Hopefully the experts on this forum will weigh in.

There are multiple situations where the statute of limitations is 'indefinitely' but I don't think the OP's situation applies to any of those but that's another reason to speak with someone with experience in that arena.