DanaB27
Expert Alumni

Get your taxes done using TurboTax

No, you will need to look up your value on your end-of-the-year statements and enter this as "value of all traditional, SEP, Simple as of December 31, 2021". If you converted everything in 2021 then your value should be $0.

 

Yes, line 1 will be $6,000 (your 2021 nondeductible contribution). Line 2 will be your prior year basis (post-tax contribution from 2020 and prior years).

 

Yes, if you had pre-tax contributions in your traditional/SEP/SIMPLE IRAs then the conversation will be partly taxable because of the pro-rata rule. Earnings will be taxable as well.

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