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Get your taxes done using TurboTax
So with line 14 being 6000 it just means that for my traditional IRA all of that contribution that was made was post tax/nondeductible contribution.
I started writing out the below form thinking I found a mistake, but once I recalculated it line 14 is correct the way that turbo tax had it. I am going to leave the below on my response just for others that may be looking for the same thing when referencing other online tutorials that will show line 14 being zero for the first year, instead of how it is filled out.
Thank you so much for your help, I feel much more at ease now!
When I look at form 8606 and hand fill it out it looks like/ what I understand it as:
line 1 nondeductible contributions 6,000 (amount I contributed post tax this year)
line 2 total basis 0 (no previous traditional IRA account)
line 3 No to distribution, but YES to Roth IRA conversion
Line 4 contributions from 1/1/22-4/18/22 6,000 (since I just made all contributions in april)
Line 5, line 4-3 is zero
Line 6 Value of traditional IRA in 2021 zero (since I didn't fund till 2022)
Line 7 Distributions is zero
Line 8 Amount converted from traditional to roth would be 6,000
Line 9 is 6,000
Line 10 is zero
Line 11 would be zero again
Line 12 would be zero
Line 13 would be zero
Line 14 my total basis in traditional IRAs for 2021 and earlier would be 6,000
Line 15a would be zero
Line 16 would be zero as I converted to a Roth in 2022, and not 2021.
Line 17 would be zero.
Line 18, taxable amount would be zero.