1. Yes, you will need to send a 2023 Form 8606 to report the basis to the IRS since you made a nondeductible Traditional IRA contribution. You can use the amend option to fill out the 2023 Form 8606 for you and then mail the 2023 Form 8606 to the IRS.
Yes, you will enter $6,500 as the prior year basis on your 2024 return.
2. The $7,000 contribution for 2025 will be entered next year on your 2025 return. The conversion made in 2025 will be also reported next year on your 2025 return.
Hint, your financial statements should list how much you contributed for each year. If you are unsure please check with your financial institution.
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