DanaB27
Expert Alumni

Get your taxes done using TurboTax

You will have to look at your end of the year statement (of all your traditional IRAs) what it says for the balance on December 31, 2020.

 

No, you will not pay taxes twice on the $6,000 if you enter it correctly as nondeductible contribution on your 2020 tax return. If you look at Form 8606 line 14 you will see the basis that you can use for the 2021 conversion.

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