Hi MacUsr_22
I am not able to find/view the most recent post where I shared the updated form 8606-T to confirm if everything looks correct, so I am re-posting the same information again, to confirm:
Under "Deduction and Credit" under "Tell Us how much you contributed / Your total amount you put into traditional IRA for 2021, even if you later transferred some or all of it to a Roth IRA"
for question " Your Total 2021 traditional IRA contributions" I was earlier entering 14,000, which was my total DURING year 2021, but 7 K of that was for 2020 and 7K was for 2021). I corrected that now to make it 7K ONLY contribution made for year 2021. I think this fixed the issue/error.
Here are the details/re-posted here:
IRA Balances:
IRA Balance on 12/31/2020 = $0.40
IRA Bal as on 12/31/2021 = $ 0.49
IRA Deposits & Conversions:
For Year 2020:
Deposited in IRA on 1/4/2021 for year 2020 = 7K
Roth Conversion on 2/4/2021 for year 2020 = 7K
For Year 2021:
Deposited in IRA on 5/25/2021 for year 2021 = 7K
Roth Conversion on 6/8/2021 for year 2021 = 7K
For Year 2022:
Deposited in IRA on 2/4/2022 for year 2022 = 7K
Roth Conversion on 3/7/2022 for year 2022 = 7K
Revised/Updated form 8606 now looks as:
Line 1 = 7K
Line 2 = 7K
Line 3 = 14K
Line 4 = blank
Line 5 = 14K
Line 6, 7, 8, 9, 10, 11, 12 = blank
Line 13 = 14K with * Asterisk
Line 14, 15a, 15b, 15c = 0. with line 15c has * Asterisk
Line 18 = 0. with * Asterisk
Line 19 thru 25c = blank
I would appreciate it if you could check and let me know, I have done it correctly, now?
