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Get your taxes done using TurboTax
No, since you have the correct basis of $6,000 on your 2020 Form 8606 and you stated that you entered the recharacterization on your 2020 tax return you do not have to amend your 2020 tax return. You don't enter the earnings except on the explanation statement. But you do not need to amend your return just for the explanation statement.
Yes, your basis on line 14 of your 2020 Form 8606 will be $6,000. You will enter it on your 20221 tax return.
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‎April 14, 2022
4:26 AM