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Tax Question: What if the Roth contributions were not

Tax Question: What if the backdoor...
Tax Question:
What if the backdoor Roth contributions were not calculated correctly in the past? What needs to be done? There was a bunch of other pre-tax contributions that were not reported correctly (as the ratio). Should an amended return be prepared?
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Answered in 4 minutes by:
3/25/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,695
Experience: Taxes, Immigration, Labor Relations
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If reported incorrectly - I would say - yes - you do need to amend.

But before moving into that direction - can you specify what exactly were not calculated correctly?

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Customer reply replied 28 days ago
the entire amount is being reported as after tax on the conversion.

And you prepared form 8606 for after tax contribution into traditional IRA?

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Customer reply replied 28 days ago
Roth conversion

Does that mean - your traditional IRA account had contributions are were after tax and before tax?

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Customer reply replied 28 days ago
The problem was some was pre and some was post, but all was reported as post

Then - yes - you will need to recalculate - and determine the taxable amount converted to Roth IRA and

will need to re-calculate your remaining basis in the traditional IRA.

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Customer reply replied 28 days ago
then amending is necessary, correct? Is it even possible to do the 2017 return if there are no conversions without amending the prior year?

If that correction will not make any difference in tax liability - amending might be not required.

But if the tax liability is affected - then - we need to make corrections.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,695
Experience: Taxes, Immigration, Labor Relations
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