I recheck on detail $ for the recharacterization and conversions, Can you please review i'm doing it right on my 2021 8606 and 2022 8606.
3.28.2022 contributed $6000 for 2021 Roth
6.22.2022 recharacterized all to Traditional IRA (new account, only nondeductible), however the there's loss and the real value was $5350.
6.23.2022 converted all 2021 Tradition IRA to 2021 Roth. now the value changed again while sit in IRA for one day. and the real value was $5380.
4.11.2022 contributed $6000 for 2022 Roth
6.23.2022 recharacterized all of the 2022 roth to 2022 Traditional IRA, however the real transaction was $5400 (loss happened)
6.24.2022 converted all 2022 Traditional to 2022 Roth, the real value was $5500.
For 2021 8606 seems easy. Line 1: 6000. line 2: 0. Line 3: NO. So line 14:6000.
For 2022 8606 Line 1: 6000. line 2: 6000 (2021 basis). line 3: 12000, yes, How about line 8 (the net amount you converted from Traditional to Roth), is this means i need to use the numbers: 5380+5400=10780?. Then this will make line 14 becomes : (12000-10780=220) which i in reality emptied out all Traditional IRA, nothing left there by the end of 2022.
Can you offer advice? Thanks so much
