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Get your taxes done using TurboTax
I contributed $6000 to Roth IRA in 2020, and recharacterized ($9000=$6000+$3000 gain)to traditional IRA in March 2021 (due to MAGI is over limit). In 2021 Dec, I converted all my traditional IRA $10000 (recharacterization $9000 plus gain $1000 in traditional IRA) to Roth IRA. 2 weeks later, still in 2021 Dec, I contributed $6000 to traditional IRA and converted to back door Roth IRA.
In 2020 tax return, I put $6000 in 8606 form (line1,3 and 14) as total traditional IRA for 2020.
I should have $12000 nontaxable ($6000 for back door Roth in 2021 and $6000 nondeductible in 2020 contribution) for the conversion to Roth. I just do not know how to fill 8606 form for $12000? And how to fill 2 steps in TurboTax to claim $12000 nontaxable?
thanks!
‎April 7, 2022
5:59 PM