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? One form and certified would be wise.
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? It would be best to file the 8606 by the time you FILE the 2020 return... before then end of the year is better and ASAP is best.
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. If you are doing a backdoor ROTH then you must convert the money asap so you don't have any earnings to transfer ... leave the money in a "cash" account until it is switched.
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) Again ... you can do it now as long as you file the 8606 by year's end.
