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Reply to "IRAs and your taxes"
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[quote=Anonymous]I think I've just uncovered an issue in our 2021 taxes but I'm low on brain power and need a gut check. It would appear we did not report our IRA contributions on our taxes. We are not eligible for Roth IRA contributions, although we used to be. We have only been maxing IRA contributions for a few years. I have a traditional IRA that is not converted. My spouse has a Roth IRA from prior to us being ineligible, so this year we were able to convert the 2021 as a back door contribution and are doing the same for 2022 contribution / moving forward for his account. We did the conversion AFTER we had filed for this year, so not only did we not report the contribution but we also haven't reported the conversion. I think we owe additional taxes as a result? Does this sound right? I want to correct this, but this stuff has always made my head hurt. I'm really not sure how we missed reporting the contributions in 2021. I need to check to see if we did in prior years or if we have been missing this all along. We do our own taxes with turbotax. Appreciate any helpful guidance.[/quote]
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