Hi DanaB,
Thank you so much for catching my error and suggested fix:
I revisited the 1099-R section and here is what I have in form 8606-T now:
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 16= 14K
Line 17= 14K
Line 18 = 0. with * Asterisk
Line 19 thru 25c = blank.
Please confirm this looks correct now?
Another question regarding IRA to Roth IRA conversion:
On Screen "Lat's find your IRA Basis", for entry "We have transferred the total basis for your Traditional IRAs for all years through 2020. Correct the Amount below if needed" / "total basis as of December 2020 = 7,000".
Question is:
Should this be 14,000.00 to include 2019 7K conversion done in 2020 (deposited to IRA on 1/27/2020 & Converted to Roth IRA on 3/2/2020) but was not reported initially on 2019 Tax return and had filed amended return with form 8606-T on 3/27/2021.
Please let me know, if it should be 14,000 or 7K or different values based on:
IRA Deposits & Conversions:
For Year 2019:
Deposited in IRA on 1/27/2020 for year 2019 = 7K
Roth Conversion on 3/2/2020 for year 2019 = 7K
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
"IRA Information Worksheet has:
Part-1 Basis & Value - 1 =7K, 23,4,5 are blank
Part-2 Roth IRA - 6-Basis in Roth IRA contribution - balnk / 7-Basis in Roth IRA conversions -28K / 9- Conversion Basis Carryover as of 12/31/2021=28K
Part-3 Traditional IRA Basis Details - 12-Basis for 2020 and earlier years - 7K / 17-Adjusted total basis in Traditional IRAs - 7K
Part-4 Traditional IRA year-end Value - Lines 18 thru 21 - all zeros
Part-5 Roth IRA conversions and contribution balances / Line 23-29 all Zero / Line-30- (2019 Conversion Cont. NOT taxable Conv)=7K / Line-31=0 / Line-32 (2020 Conversion Cont. NOT taxable Conv)=7K
2021 Transactions - Contributions - ONLY Line 36 (Conversion Cont. NOT taxable Conv) = 14K rest all are Zero
Balance Carryover to 2022 (Basis After 2021 transactions):
Line-56 (2019 Conversion Cont. NOT taxable Conv)= 7K
Line-58 (2020 Conversion Cont. NOT taxable Conv)= 7K
Line-60 ((2021 Conversion Cont. NOT taxable Conv)= 14K)
Apologies for long messages, I just wanted to get this checked/corrected if needed to avoid any confusion in Future. Please review Thank you for your help and getting this IRA/Roth IRA basis corrected for Future calculations.
