I need assistance filling out my 8606 forms for the past 2 years, I am mostly getting confused on the earnings in my recharacterization and if they are included in the form. I appreciate any help at all! The pesky line 1 on form 8606 is what is giving me issues on both 2023 and 2024 taxes.
2023 taxes (figuring out if I need to amend this)
Contributed $3,000 to a roth IRA, got married in december 2023 and was no longer eligible.
January 2024 opened a new traditional IRA and recharacterized the roth amount which transferred at $3,480
This was nondeductible and done before I filed my taxes.
Form 8606
2024 taxes
Accidently had that autopayment on for the roth and $250 got contributed to the roth IRA account in January 2024
February 2024: recharacterized it to the traditional and a total of $258 was transferred
In addition I made $2,750 nondeductible contributions to the traditional IRA
I then converted the entirety of the traditional to the roth which was
Form 8606
Line 1: Should it be $3,000 or $3,008?
Line 2: Answer will be based on 2023 tax scenario
Line 3: Line 1 +2
Line 4: 0
Line 5: Same as line 3
Line 6: $0
Line 7: $0
Line 8: $6598.70
Line 9: $6598.70
Line 10: TBD on line 3
I should be able to figure out the following lines, as long as I figure out line 1 from 2023. I would appreciate any help at all! I seem to be getting different answers everywhere!
I just want to make sure i'm going about this correctly!!
