I went back to my 2020 return and noted what forms and fields were populated. Then, after completing the steps described for my 2021 return, I noted what fields and forms populated. Based on lines 1040 4 (a) and (b) in 2021 return, I think have done it correctly? Thanks to all for guidance!
Original Transaction:
- March 2021 (all on same day)
- $7,000 contribution made to traditional IRA – tax year 2020
- $7,000 contribution made to traditional IRA – tax year 2021
- $7,000 conversion to Roth IRA – tax year 2020
- $7,000 conversion to Roth IRA – tax year 2021
2020 Tax Return:
- Form 1040
- Line 4 (a) $0/blank
- Line 4 (b) $0/blank
- Form 8606
- Line 1 $7,000
- Line 3 $7,000
- Line 14 $7,000
2021 Tax Return:
- Form 1040
- Line 4 (a) $14,000
- Line 4 (b) $0
- Form 8606
- Line 1 $7,000
- Line 2 $7,000
- Line 3 $14,000
- Line 5 $14,000
- Line 13 $14,000
- Line 16 $14,000
- Line 17 $14,000
- Line 18 $0
