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Get your taxes done using TurboTax
If you had prior year non-deductible contributions then they should be on line 2 and the total on line 3.
Since you made a contribution and distribution in the same year, the calculations for the taxable part will probably not be on the 8606 lines 6-15, but will be on the "Taxable IRA Distribution Worksheet".
You should look at that to see the calculations.
The taxable amount is the prorated nondeductible contribution applied to the ration of the 2020 distribution and the remaining 2020 years end value of all Traditional IRA accounts (line 6 of the 8606 or line 4 of the worksheet - (whichever was used).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎February 28, 2021
9:14 AM