"Let's say that you begin with no money in traditional IRAs, then in 2022 you make a $6,000 nondeductible traditional IRA contribution for 2021, make a $6,000 nondeductible traditional IRA contribution for 2022, then convert the entire $12,000 to Roth in 2022. Your 2021 Form 8606 will have $6,000 on lines 1, 3 and 14. Your 2022 Form 8606 will have $6,000 on line 1, $6,000 (from the 2021 Form 8606) on line 2, $12,000 on lines 3, 5, 13, 16 and 17, $0 on line 14 and taxable amount of $0 on line 18."
This is exactly what I wanted to confirm. Thanks so much.
The only slight difference in my scenario is I did all the contributions in 2021 (for 2020 and 2021), but converted the whole amount in 2022 instead of 2021. Going forward I will rectify that to keep things simple: contribute for the year and convert all in the same year.
