dmertz
Level 15

Retirement tax questions

Yes, file The 2020 Form 8606 to report the $6,000 nondeductible traditional IRA contribution that resulted from the recharacterized Roth IRA contribution for 2020.  Lines 1, 5 and 14 will show $6,000.

 

On the 2021 Form 8606 you'll have $6,000 for the 2021 nondeductible traditional IRA contribution that resulted from the recharacterized Roth IRA contribution for 2021.  On line 2 you'll have the $6,000 carried over from line 14 of the 2020 Form 8606.