Thank you! This is all very helpful. The 2025 Form 8606 is pulling from the 2024 Form 8606 which I recently populated using TurboTax Online. In reviewing my previous Tax Returns - I also did a back-door Roth conversion in 2023 for tax year 2023. I think that was the source of the $1 discrepancy - for tax year 2023, the Form 8606 shows $1 taxable amount on line 18. With regards to my 2025 contribution for tax year 2024, there were no gains on the $5k contribution when I did the back-door Roth conversion, so I think that $0 taxable on 2025 Form 8606 line 18 is correct.. Since I have used TurboTax online for 2023, 2024, and now 2025, I'm hoping that software is correctly filling out 2025 Form 8606.
With regards to the $0 balance in my IRAs on 12/31 - I'm assuming this is just my "Traditional IRAs" balance, correct? In that case $0 is accurate - all of my IRA funds are now characterized as Roth IRAs after the backdoor conversions.
Thanks so much for your help!
