My income is over roth limit so i backdoored 6000$ for 2020 thru vanguard traditional IRA to Roth IRA. No pro rata since i cleared my entire account.
I didnt realize I need to file a 8606 even though everything is after tax ...
What is the purpose of form 8606 if everything is post tax since everything in Roth is supposed to be tax free ?? How will this affect me in the future if i dont file 8606? I read filing a 8606 for previous year is 50$ which is a lot of money.
Thank you
