Hello DanaB27,
I am in a similar situation, and understand the step by step process for the nondeductible contribution to traditional IRA for 2024 return. I also need to amend the 2023 return, however, see another post in this community that says not to amend and just send the 8606 form to IRS.
How do I enter a backdoor Roth IRA conversion? "If your conversion includes contributions made in 2024 for 2023, you'll need to check your 2023 return to make sure it includes Form 8606, Nondeductible IRAs. If this form isn't included in your 2023 return, you'll need to fill out a 2023 Form 8606 to record your nondeductible basis for conversion, and mail this form to your designated IRS office. Don’t amend your 2023 return to record your basis."
Irrespective of amend or alternative approach of filling out the 8606 and mailing the form to designated IRS office, I am confused on what lines to complete on 8606. Can you please provide a step by step on how to fill out 8606 for the scenario where I simply need to record the $6500 I contributed in 2024 for the year 2023? Is it just line 14 or more lines need to be completed, because line 14 is a calculation from lines prior lines above in the form and I really am lost on what lines I need to populate with what in the lines above line 14.
Thank You for your help and hope to hear back soon from you.
