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Retirement tax questions
Yes, line 2 of Form 8606 in 2021 will be $6,590 and line 1 will have the $6,000 nondeductible 2021 contribution. If you convert the whole amount to the Roth IRA then line 14 will be $0.
The only amount that will be taxable will be any earnings that you have in the traditional IRA.
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March 14, 2021
1:05 PM