DanaB27
Expert Alumni

Get your taxes done using TurboTax

1. Yes, you will enter the total basis from your 2020 Form 8606 line 14.

 

2. You will enter the value from your year-end statement on December 31, 2021.

 

3. You will find the value on your year-end statement. If you have more than one traditional/SEP/SIMPLE IRA then you will need to add them up.

 

4. Yes, as mentioned if you have a retirement plan at work and are over the income limit it will be nondeductible automatically. You only get a warning that your income is too high to deduct the contribution and then a screen saying $0 is deductible.

 

Yes, your 2021 Form 8606 seems correct. You had a total basis of $12,000 (line 3) in 2021 from your 2020 and 2021 contribution. You converted $6,000 in 2021 and therefore have $6,000 basis left on line 14 (this will be carried over to your 2022 return).

 

The * means that TurboTax used the "Taxable IRA Distribution Worksheet" per Pub 590b to make the calculations. You will find it in your documents if you want to take a look.

 

@barathvasu

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