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Form 8606, did my CPA mess something up?

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  • Form 8606, did my CPA mess something up?

    See my Form 8606 attached, but I am wanting to know if it was filled out wrong or if another form is needed. Here is my info:
    -I put in $6,000 backdoor in Jan 2021 as a late contribution for the year prior (my first time...new attending)
    -I put in additional $6,000 backdoor for the 2021 contribution
    -My wife also did her first contribution in Jan 2022 as a late contribution for 2021.

    My example is pretty much exactly like the example given on the WCI tutorial: https://www.whitecoatinvestor.com/ba...-ira-tutorial/

    Attached is how they filled it out, and they only had one form.

    Questions:
    1. Shouldn't my wife and I have our own separate forms?
    2. Does the form look to be filled out correctly?
    2. Does it matter if lines 8-11 are filled out (the WCI tutorial had them filled out but my CPA did not fill them out)?

    Thank you!!!
    Attached Files

  • #2
    Best I can tell It is correct. However, you must make sure your 2020 tax return has a form 8606 submitted to track the basis for that late contribution. Line 1 and 4 should be 6k, and line 14 should be 6k for the basis carried into 2021.

    this is a bit of a headache, that’s why it is much easier to contribute and convert in the same tax year.

    Comment


    • #3
      Originally posted by L View Post
      Best I can tell It is correct. However, you must make sure your 2020 tax return has a form 8606 submitted to track the basis for that late contribution. Line 1 and 4 should be 6k, and line 14 should be 6k for the basis carried into 2021.

      this is a bit of a headache, that’s why it is much easier to contribute and convert in the same tax year.
      Thanks and yes we did. Shouldn’t we also have another form for my wife?

      Comment


      • #4
        Your wife will do something similar, but for 2021 tax year to account for the basis of that late contribution in 2022 for the 2021 tax year.

        Comment


        • #5
          Originally posted by SportsmedMD View Post

          Thanks and yes we did. Shouldn’t we also have another form for my wife?
          yes, see above reply. these are individual accounts, you have separate form 8606 for each of you.

          Comment


          • #6
            Form 8086 is by individual taxpayer even in a joint return.

            If you have a Form 8606 with a 100% non-deductible basis Roth conversion many tax software especially professional ones will omit Lines 8-11.

            Comment


            • #7
              As spiritrider said, lines 8-11 were omitted in TurboTax for me. I had a similar situation as you but the only difference is I have $12,000 in line 13.

              Comment


              • #8
                Originally posted by Ozarka View Post
                As spiritrider said, lines 8-11 were omitted in TurboTax for me. I had a similar situation as you but the only difference is I have $12,000 in line 13.
                And it’s ok if they are omitted and not filled out? Just double checking!

                Comment


                • #9
                  Originally posted by SportsmedMD View Post

                  And it’s ok if they are omitted and not filled out? Just double checking!
                  Yes

                  Comment


                  • #10
                    Originally posted by L View Post
                    Best I can tell It is correct. However, you must make sure your 2020 tax return has a form 8606 submitted to track the basis for that late contribution. Line 1 and 4 should be 6k, and line 14 should be 6k for the basis carried into 2021.

                    this is a bit of a headache, that’s why it is much easier to contribute and convert in the same tax year.
                    Per the WCI tutorial example (which I think is the same as my example), I believe Line 1 and 3 should say $6,000 not Line 1 and 4, correct?

                    Comment

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