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Get your taxes done using TurboTax
No, you did not do the 2022 correctly.
Yes, you would have had a basis in 2022 of $6,000 due to nondeductible contributions before you converted the Traditional IRA to a Roth.
Assuming the traditional IRA was empty before the contribution for 2021:
- The 2021 Form 8606 line 14 should show the nondeductible contribution for 2021. This has to be entered on the 2022 return (2022 Form 8606 line 2).
- The 2022 Form 8606 line 14 should show the nondeductible contribution for 2022 ($6,000). This has to be entered on the 2023 return (2023 Form 8606 line 2).
- The 2023 Form 8606 line 14 should show be $0.
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‎February 6, 2024
6:21 AM