Thank you, Dana, for your guidance.
I went back to check my return for 2018 and noticed I filed correctly for the $5500 so no action is requires for 2018.
For 2019 (tax year):
2/20/20: 2019 IRA contribution $6000
For 2020 (tax year):
2/21/20: 2019 Roth conversion $6000
12/9/20: 2020 IRA contribution $6000
12/9/20: 2020 Roth conversion $6000
I have a couple more questions:
For 2019 tax year, originally the $5500 (but should be $6000) was filed under “Traditional and Roth IRA Contributions” in “Deductions & Credits”. Your guidance is to amend it under “IRA, 401(k), Pension Plan Withdrawals (1099-R)”. I am assuming I will have to enter for 1 gross distribution as $6,0000 and for 2a Taxable amount as $6,000 – please confirm? Note: My 2020 1099-R shows for 1 gross distribution as $12,0000 and for 2a Taxable amount as $12,000: $6000 for 2019 and $6000 for 2020.
Also, what do I do with the originally file under “Traditional and Roth IRA Contributions” in “Deductions & Credits” for $5500?
For 2020 tax year, I have not filed yet. My 2020 1099-R shows for 1 gross distribution as $12,0000 and for 2a Taxable amount as $12,000: $6000 for 2019 and $6000 for 2020.
Under “IRA, 401(k), Pension Plan Withdrawals (1099-R)” as you recommended, what should I enter for 1 and 2a?
Should I also file the $6000 contribution and conversion in “Traditional and Roth IRA Contributions” in “Deductions & Credits” section?
I appreciate your advise.
Vincent
