The value in the Wages & Income section (used on Form 8606 when you take a traditional IRA distribution/make a conversion) is:
- The value that is shown on your statement on December 31 plus
- Outstanding rollovers plus
- Outstanding recharacterization.
You don't include the contributions made in 2021 for 2020 in the value.
Yes, the entries on your IRA WORKSHEET are correct. This is a governmental worksheet.
When TurboTax asks about the value in the Deduction & Credit section it is used on Form 5329 to calculate the 6% excess penalty. One year TurboTax was asking this question always when you entered a contribution even if you didn't have an excess contribution.
@dhuynh44
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