Hi all,
Please help as I am stuck. In 2021 my wife and I both made nondeductible contributions to our traditional IRA thru Fidelity and converted these to Roth IRA (we also recharacterized some contributions for year 2020). When we are filing in Turbotax 1099-R, we end up owing taxes on our total amount (let's say $5000 under 2a taxable amount). Our distribution code in box 7 is "2" and IRA box is checked. It says we owe taxes on the amount even though its non-deductible. We put that we moved money to another retirement account, and amount converted to Roth IRA was whole amount ($5000). The taxes owed are still there. Then the next screen it says "Any nondeductible contributions to IRA?" We select "Yes", however I have never filed a form 8606 and do not know where to obtain one. It says if we never filed a 8606 just enter "0". However these contributions were nondeductible so we should have a basis. How do I obtain a form 8606 or this basis for 2020, or how do I proceed? Thank you!
