No, line 1 should only be $7,000. Do not enter the $7,000 contribution for 2022 on your 2021 tax return. The contribution for 2022 must be entered on your 2022 return. You should have gotten a warning about excess contribution since you entered $14,000 as contributed for 2021.
Line 3 should be $14,000.
Did you enter your 2021 conversion? You should have received Form 1099-R for the conversions on 2/4/2021 and 6/8/2021.
To enter the 1099-R conversion:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2020 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
Please be aware, that $7,000 converted on 3/7/2022 will be reported on your 2022 tax return.
@psanand
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