DanaB27
Expert Alumni

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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