1. Correct. The basis in nondeductible traditional IRA contributions that appears on line 14 of your 2021 Form 8606 will carry forward to line 2 of your 2022 Form 8606 to reduce or eliminate the taxable amount of the Roth conversion.
2. Correct. As long as you have supporting compensation in 2022 and your modified AGI for the purpose does not exceed the limit, you can contribute to a Roth IRA. The taxable amount Roth conversion, if any, is not included in your modified AGI. The Roth conversion has no effect on the $6,000 regular contribution limit for 2022.
