Trying to help out a friend.
Did a series of conversions-no contributions, no basis in IRA they were converted from.
Younger than 59 1/2!
I don't understand how to answer the questions:
Report net conversions to your Roth IRA's that were taxable & nontaxable in 2018 & prior years.
Report net conversions to your Roth IRAs that were taxable & nontaxable in in 2019
Report net conversions to your Roth IRAs that were taxable & nontaxable in in 2020
Conversions in 2018 & prior years: $ 11,369 Distribution in 2020 (COVID) : $22,869
Conversions in 2019: $14,000 Remaining basis at that time: $ 11,240
Conversion in 2020: $8740 Distribution in 2023: $ 17,461.28 (closed acct)
Assuming 10% penalty/taxes on earnings of $6221
Any help greatly appreciated!!!
