Thanks Anette, I really appreciate the thorough response.
I checked my 2022 tax returns and Line 20 of 1040 Schedule 1 is blank. Also, my accountant did not file a form 8606 (at least it's not in my records).
I'm doing some research on how to file Form 8606, but could you please provide more details on this: "enter the prior year contribution information into your 2023 return as basis for the Traditional IRA accounts."?
From your explanation, I understood that the Form 8606 doesn't fix the double taxation of the $20k+, it just cleans the 2022 tax returns. How can I ensure I only pay taxes on the $513.47 and $1.89?
Thanks.
Thank you.
