@DanaB27
Thanks for your reply!!! I have some clarification on your steps. Please let me know on the following
1.
<Name> total Basis as of Dec 31, 2020. Even though I contributed for the year 2020 between Jan 2021 - April/May 2021, Still I can enter the amount mentioned in my Total Basis 14th line of 8606 correct?
2.
What should I enter for "Tell Us the Value of All Your Traditional IRA Accounts" I believe I should enter "
<Name> Traditional IRA's on Dec 31, 2021, Can I enter $6000 here in this box even though I immediately convert my traditional IRA to Roth IRA?
3.
For interview step 7 in 2nd part i.e. to enter 1099-R conversion:
What should be the value of All Tradition, SEP and SIMPLE IRA's, where will I find this amount?
FYI.. So far I contributed $6000 for 2020 in the year 2021 + $6000 for the year 2021 in the year 2022 to Traditional IRA and immediately converted to ROTH IRA
4. As part of your steps mentioned step #10 never came for me, but the amount is non-deductible.
Verification Steps in 1040 Federal Form with 8606:
1.
I dont see Line#20 IRA Deduction in my Schedule 1.
2.
I see the following in my 1040, is that correct?
Enter your nondeductible contributions to traditional IRAs for 2021, including those made for 2021
from January 1, 2022, through April 18, 2022. See instructions . . . . . . . . . . . . . 1. $6000
2 Enter your total basis in traditional IRAs. See instructions . . . . . . . . . . . . . . . 2 $6000
3 Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 $12000
3.
When I am trying to verify 1040 (8606). I have the following "Subtract line 13 from line 3. This is your total basis in traditional IRAs for 2021 and earlier years" $6000. Is this correct amount? So far I have contributed for 2020 ($6000) and 2021 ($6000)
4. Also line 13 has astricks against $6000* what does that mean?
