I have a number of factors at play for my form 8606 and I'm concerned that the taxable amount (line 18) for my Roth conversion is too low for the 2023 tax year.
timeline:
2023 - $3,870 contribution to Roth IRA
2023 - $700 contribution to traditional IRA
2023 - Conversion from Traditional -> Roth of $1145 ($700 + $445 pretax dollars from a previous rollover)
2023 - Dec 31 traditional IRA balance is $89
2024 - $1,930 contribution to traditional IRA for 2023
2024 - $5,427 re-characterization from Roth to Traditional ($3,870 + $1,557 in gains)
This is the resulting 8606:
1 - 6,500
2 - 0
3 - 6,500
4 - 1,930
5 - 4,570
6-12 are blank
13 - 1,145
14 - 5,355
16 -1,145
17 - 1,145
18 - 0
I'm questioning line 13. $1,145 out of $1,145 as non-taxable distributions seems incorrect (too high)
I'm expecting:
5 - 4,570
6 - 3,959 ($89 Dec 31 balance + $3,870 outstanding re-characterized contributions)
7 - 0
8 - 1,145
9 - 5,104
10 - 0.895
11 - 1024
12 - 0
13 - 1024
...
18 - 121
