jcs94
Returning Member

Retirement tax questions

Thank you for the detailed response. I am double-checking my work on the actual Form 8606:

 

Since I forgot to do the Roth IRA Conversion during calendar year 2020 my answer (for my 2020 return) to the Line 3 question is once again "No" and therefore I would only fill out Lines 1, 2, and 3 and then skip all the way down to Line 14. Correct?

 

So basically I think all I need to do is this: https://www.screencast.com/t/9itixcDb

 

In case the link doesn't work for anyone:

Line 1 = $6,000

Line 2 = $590

Line 3 = $6,590

Line 14 = $6,590

 

In Line 2 where it says "Enter your total basis in traditional IRAs" <--What time period is this question referring to? Shouldn't this question say something like "Enter your total basis in traditional IRAs as of 12/31/2020" or something like that?

 

Also, why doesn't this question differentiate between whether or not the "basis" has already been taxed or not?