At the beginning of 2020, I had $40,000 in Roth conversions and no contributions. I retired and rolled my 401(k) over to a traditional IRA and a Roth IRA. My Roth 401(k) had $50,000 in contributions, which is reflected on a form 1099-R for 2020 (the gross distribution in box 1 was $120,000; I'm not confusing the two). I did not file a form 8606 for 2020. Part III explicitly says "Complete this part only if you took a distribution from a Roth IRA in 2020. For this purpose, a distribution does not include a rollover [...]." I also did not include the rollover on form 1040 under line 4) Pensions and annuities, and that seems wrong. In 2021, I rolled a pension lump sum payout into a traditional IRA, for which I have a form 5498 but no 1099-R. I did not mention that on my 2021 form 1040. I am filing a form 8606 this year for the first time since tax year 2016, for a Roth conversion ladder. I'm 55, and I'll need the larger Roth basis of $90,000 to continue the ladder until I am 59-1/2. It seems like I need to report the 401(k) rollover, maybe the pension rollover, and to add the $50,000 to my basis in Roth conversions.
1. Can I amend my 2020 return at this point? I've seen mentions of a 3-year limit, and I've also seen references that the 3-year limit applies only to refunds. I e-filed my 2020 taxes on 3/19/2021.
2. If I can, I assume that I should fix the Pension and Annuities line? So I would include a 1040X with no changes, and an updated 1040 with the one line added?
3. Should I amend form 1040 for tax year 2021 to include the pension lump sum rollover?
3. How can I update the basis in conversions on form 8606 Part III to include the $50,000 in rolled-over Roth 401(k) contributions? Do I just do that manually, and do I make the change for 2020 or 2023? I've been using TurboTax Online, and I think there's a question lurking in the 1099-R interview that will let me edit the value.
Thanks for any help.
1. Can I amend my 2020 return at this point? I've seen mentions of a 3-year limit, and I've also seen references that the 3-year limit applies only to refunds. I e-filed my 2020 taxes on 3/19/2021.
2. If I can, I assume that I should fix the Pension and Annuities line? So I would include a 1040X with no changes, and an updated 1040 with the one line added?
3. Should I amend form 1040 for tax year 2021 to include the pension lump sum rollover?
3. How can I update the basis in conversions on form 8606 Part III to include the $50,000 in rolled-over Roth 401(k) contributions? Do I just do that manually, and do I make the change for 2020 or 2023? I've been using TurboTax Online, and I think there's a question lurking in the 1099-R interview that will let me edit the value.
Thanks for any help.
Statistics: Posted by otinkyad — Mon Apr 01, 2024 1:21 am — Replies 0 — Views 49