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Get your taxes done using TurboTax
Hi Dana
Thanks for your reply.
These are exact amounts I see in my Form 8606. I made non deducible contributions in 2017, 2018, 2019, 2020 and 2021 to Traditional IRA. Every year (all the 5 times) with in a week, I converted them in Roth IRA to ensure that always the Traditional IRA balance is zero. However in 2020 it so happened that, I contributed to Traditional IRA on Dec 24th 2020 and by the time I converted to Roth IRA it is 2nd Jan 2021. When I filed tax return in 2020, turbo tax expert helped me to make entries such that it will not impact my tax due. But I feel those entries are incorrect. Not understanding what is incorrect there.
FY 2019 Tax Return Form 8606:
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Box 1: 6000 Box 2: 11000 Box 3: 17000 Box 14: 17000
FY 2020 Tax Return Form 8606:
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Box 1: 6000 Box 2: 17000 Box 3: 23000 Box 13: 12000 Box 14: 11000