I've made a mess out of my IRA situation and looking to correct it now.
In 2021 I recharacterized a $6,00 Roth contribution as Traditional. I reported it on my 8606 as a 6,000 non-deductible contribution. In 2022 I contributed another $3,000 to the tIRA and reported the $3,000 again on an 8606, however I didn't include a basis on that year's form.
I haven't contributed or done anything with the account since then. I've smartened up and realized I should have done a backdoor Roth. Unfortunately I'm unable to roll the account into my 401k so I'm just looking to deal with the tax bill now and empty out the tIRA. Do I need to submit a corrected or missing 8606 (didn't file one this year)?
I'm planning to convert the entire thing to a Roth and deal with the pro-rata rule and pay tax on the entire thing unless I'm missing some other option?
Thanks
original posted by wizardofthedarkside to r/personalfinance on Sat, 20 Apr 2024 15:18:24 GMT.