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Deductions & credits
Wow, my taxes owed dropped significantly when I added $6,000 as the basis (as shown on last year's 8606). I'd had the basis as zero, previously.
I'm now on the 1099-R for with the conversions on it. Since everything (the normal Roth conversion and recharacterized-then-converted monies) eventually became Roth, do I indicate that "Yes, all of this money ($12,284.02) was converted to a Roth IRA?" or only the amount that wasn't recharacterized then re-deposited into the Roth ($5,987.39 due to share price fluctuations)?
‎February 19, 2023
9:51 AM