It appears that the answers to my questions are out there, but I'm still having some trouble understanding.
I maxed out my 2022 Roth IRA contributions of $6,000. In Feb 2023, I realized my wife and I earned above the $214K limit for Roth IRA contributions. My plan is to recharacterize $6,000 of money market fund cash to a new Traditional IRA, then immediately convert that back into Roth. (My $6k contribution for 2022 actually lost about $300, but I recharacterized $6k to ensure no issues with taxable gains and make it a nice number.)
It is my understanding that I need to submit a form 8606 now. Will I fill it in like this?: Line 1: 6000, Line 2: 0, Line 3: 6000, [No to the question about a 2022 Roth IRA conversion?], Line 14: 6000.
And that's it?
I do not anticipate this being an issue for 2023 and plan on continuing direct Roth IRA contributions.
What then will I have to do for next tax season?
