Hey @DanaB27 ,
I think I have finally fixed my 2020 and 2021 amendments. Thank you so much. Are you able to verify my wife's 8606 from 2021 since we decided that $2441 was the correct basis please?
To recap for my wife:
- 2020 Line 14 basis: $2441
- $4580 contributed to traditional in 2021
- Rolled over money from 401k to traditional ending balance in 2021 as $18,246 which $500 was nondeductible (did not know about pro-rate rule unfortunately)
- 1099-R for 2021 ($7265)
Line 1 = $4580
Line 2 = $2441
Line 3 = $7021
Line 4 = 0
Line 5 = $7021
Line 13 = $1999
Line 14 = $5022
Line 16 = $7265
Line 17 = $1999
Line 18 = $5266
I finished my 2022 questions for IRA contributions/deductions, to recap:
- $2920 contributed in 2022 for 2021
- $6000 contributed to traditional in 2022
- 1099-R = $9420
- Converted everything for the year, resulting in amount $0 in traditional
Line 1 = 6000
Line 2 = 3371
Line 3 = 9371
Line 4 = 0
Line 5 = 9371
Line 13 = 9371
Line 14 = 0
Line 16 = 9420
Line 17 = 9371
Line 18 = 49
Does this mean going forward I can do clean backdoor Roths for 2023 and essentially pay $0 in taxes if done correctly?
My wife to recap:
- Contributed $0 to traditional
- 1099-R = $500
- Ending balance in traditional ($14666)
Line 1 = 0
Line 2 = 5022
Line 3 = 5022
Line 5 = 5022
Line 13 = 166
Line 14 = 4856
Line 16 = 500
Line 17 = 166
Line 18 = 334
My wife has Line 14 = $4856. I am going to stop doing backdoor Roth's for her until all is converted to Roth (if she chooses to do so). How will this $4856 basis impact if:
- She decides to convert her traditional slowly to Roth?
- She withdraws from her traditional at retirement age (without converting to Roth)?
Thank you!
