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Get your taxes done using TurboTax
1. No, the distribution/conversion happened in 2021 and therefore belongs on your 2021 return. You will only enter the nondeductible contribution for 2020 on your 2020 tax return.
2. You will only need to enter the $7,000 basis from your 2020 Form 8606 line 14 when you go through your 2021 tax return interview. You can either enter it when you enter the contribution for 2021 (steps 9 and 10) or when you enter Form 1099-R for the conversion (steps 11 and 12).
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March 24, 2022
4:20 AM