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Late contribution Backdoor Roth...did I mess up my 2015 Form 8606?

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  • Late contribution Backdoor Roth...did I mess up my 2015 Form 8606?

    Here's my story, and would appreciate any help with this messiness...doing my taxes with Turbotax and getting stumped on the IRA stuff.

    12/31/15: TIRA Cost Basis $5,402.87 (initial contribution of $5K in 2012)

    1/15/16: Started obsessively reading WCI and learn about Backdoor Roth & individual retirement plans for my 1099 income

    2/1/16: Made late contribution to TIRA for 2015 ($5,500)

    4/8/16: Rolled over entire TIRA to Roth IRA ($12,136)

    4/8/16: Made late pretax contribution to SEP-IRA for 2015 ($2,000)

    4/25/16: Realized SEP-IRA will mess up my Backdoor Roth and rollover SEP-IRA into solo 401K ($2,000)

    5/17/16: Made on-time contribution to TIRA for 2016 ($5,500)

    5/20/16: Converted entire TIRA to Roth IRA ($5,500)

     

    I received 2 1099-Rs for 2016:

    TIRA: 1-Gross Distr $17,636, 2a-Taxable Amt $17,636, 2b-Taxable amt not determined, 7-Distr Code (2) Early distr, IRA/SEP/SIMPLE checked

    SEP-IRA: 1-Gross Distr $2,000, 2a-Taxable Amt $0 Total Distr checked, 7-Distr Code (G) Direct rollover, IRA/SEP/SIMPLE checked

     

    My 2015 Form 8606:

    1: $5550

    2: 0

    3: $5500

    4-13: $0

    14: $5500

    16-25: $0

     

    My 2016 Form 8606 (so far):

    1: $5500

    2: 0

    3: $5500

    4: 0

    5: $5500

    6-12: 0

    13: $5500

    14-15: 0

    16: $17636

    17: $5500

    18: $12136 (taxable amount)

     

    If you are still reading, bless your heart! But my questions are the following:

    1- Am I getting "double taxed" (line 18) for 2016? I thought I would only be taxed for the $5K+ that was in my TIRA at the end of 2015. But it looks like I'm being taxed for my old TIRA contribution + my 2015 contribution (which was after-tax money and not deducted on my 2015 taxes). Did I fill out my 2015 form incorrectly and that's why my 2016 form is getting messed up?

    2- My SEP-IRA to solo-401k rollover should not be taxed since it is rolling over money from one pre-tax account to another, right?

     

    Thank you in advance for all your help!

     
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