I am realizing I messed up a previous backdoor roth - this is what my timeline looks like:
- On 3/1/2020 Deposit 6k to Traditional IRA For Tax Year 2019
- On 3/30/2020 Convert 6k to Roth IRA
- On 12/31/2020 – 1099-R Form for 2020 generated by my brokerage with Box 1 Gross Dist=6000, Box2a Taxable Amount = 6000, and 2b taxable amount not determined.
This is what my taxes looked like:
- 2019 Tax Return – Filed form 8606 with Box1 = 6000, Box3=6000, and Box14 (total basis in trad IRA)=6000
- 2020 Tax Return – Form 1040 box 4a = 6000, 4b (taxable amount) = 0 (and ROLLOVER text placed next to box). No form 8606 filed.
My plan is to mail in the year 2020 8606 (which will show box14 being 0) asap - but I'm wondering if there's any harm in continuing to file my 2021 taxes? Specifically because I did another Trad IRA prior year contribution + conversion in April 2022, so when I file the 8606 for the 2021 taxes I will be listing my Prior Trad IRA basis as 0. So I am unsure if the lack of the previous 8606 will muck this up (e.g. if they haven't yet processed the missing 8606 that I submitted, they might disagree that I have 0 IRA basis...).