@DanaB27
Hi @DanaB27, I am still waiting for updates from our financial institution regarding any new forms for the double recharacterizations that were made for tax year 2020. If possible, are you able to confirm my wife's 8606 numbers for 2020 and 2021? The reason I am asking is bc she has a pro-rata rule for 2021 and is being taxed on $5420. I understand that these might not be the right numbers but want to ensure we are doing it correctly while waiting for an extension. Thank you.
2020:
$1000 contribution to traditional
$2500 contribution to roth (recharacterized this $2500 in 2021)
$3500 total contributions
1099-R = $2108.95
Line 1, 3, and 5 = $3500
Line 13 = $1601
Line 14 = $1899
2021:
$4580 contribution to traditional
$16854.96 rolled over into traditional from a previous employer (pre-tax)
$18246.32 end of balance in traditional ($500 of which is after tax, converted to roth in 2022)
1099-R = $7265.10
Line 1 = $4580
Line 2 = $1899
Line 3 = 6479
Line 5 = $6479
Line 13 = $1845
Line 14 = $4634
Line 16 = 7265
Line 17 = $1845
Line 18 = $5420
I believe I entered all the information correctly, just confirming the taxes owed of $5420 was correct. Thank you!
