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Retirement tax questions
Examine both your 2023 and 2024 Forms 8606. If you did not have a zero balance in traditional IRAs at the end of 2024, I would expect that calculations on Form 8606 to result in some of the 2024 Roth conversion being taxable. If Form 8606 line 2 does not include the $6,500 that was contributed for 2023, it implies that on your 2023 tax return you did not report the $6,500 as a nondeductible traditional IRA contribution or you did something to cause that amount not to be transferred properly to your 22024 Form 8606.
‎January 31, 2025
6:16 AM