Hi everyone! I have a question about filing our Form 8606 for non-deductible IRA contributions. I currently perform the backdoor Roth conversion and notice an 8606 has not been filed by my tax person for the last 1-2 years. I am now completing the past 8606 and this year's on my own. I have 2 questions
Question 1) I have made contributions and conversions of $6K to the Roth in the new year (e.g. Jan 2021 - April 2021) for the Tax Year 2020. On 2020 Form 8606 should I simply fill 8606 Part 1 questions 1-3 and 14? I inserted:
Line 1 = $6K, Line 2 = 0, Line 3 = $6K, Line 14 = $6K
I am interpreting the question "In 2020, did you take a distribution from traditional, SEP, or SIMPLE IRAs, or make a Roth IRA conversion?" as referring to the year 2020 and not Tax Year 2020, so I believe the answer is No in my case.
Question 2) In the following I did the same thing where I made a $6K contribution and conversion to Roth for Tax Year 2021 in Jan 2022 - April 2022. What would be the total basis on 2021 Form 8606 Part 1 question 2? Should this be the $6K that was previously contributed for Tax Year 2020 in 2021? In this case I would file out the entire Part 1 when asked "In 2021, did you take a distribution from traditional, SEP, or SIMPLE IRAs, or make a Roth IRA conversion?" in my case Yes.
