Thanks for helping me Critter3. My 2016 tradditional IRA is still in my tradditional IRA. I contributed 3,000 and today it is only 1,700. I lost money from having made some poor investment choices.
I will do an 8606 for the 2016 IRA contribution. MY question is
1) will it be just one single form 8606 for disclosing the 2016 IRA contribution to be submitted to the IRS. Should I need to send it by certified mail?
2) Is it only after I submit this 8606 for the 2016 IRA contribution, Can I then convert this 2016 IRA to a ROth conversion?
3) I also contributed another $2000 to the tradditional IRA last week (for the 2020 tax filing), and plan to do a roth conversion for this $2,000. I will make sure that Turbotax generates a 8606 for this $2000 contribution when I am doing the 2020 tax next year.
Question: Do you see any problem at all for me to do a roth conversion for the $2000, and then doing the roth conversion for the 2016 IRA contribution (only after i file the form 8606 for this 2016 contribution)
Thank you again
