In 2023, I contributed $6500 to my Roth IRA. As I was doing my taxes, I realized I was over the income limit so I recharacterized my contribution + earnings on Schwab into a traditional IRA. I reported the recharacterization in my 2023 taxes. I then did a backdoor Roth conversion with the $6500 + earnings and some $xxx from a 401k rollover IRA. My rollover IRA and traditional IRA were $0 at then end of 2024. When I filled out my Form 8606 for 2023, I put the basis as $0.
1. Should my total basis for my 2023 Form 8606 be $xxx from the rollover IRA instead of $0 since I had money in the rollover IRA? Do I need to amend my 2023 1040 Form 8606 to include this or just file a new Form 8606 for 2023?
2. I'm doing my 2024 taxes, would my total basis as of Dec 31,2023 be the $6500+$xxx from my rollover IRA in line 2 of my Form 8606 since I did another backdoor roth conversion for 2024.
I received 3 1099-R from Schwab this year. One for my rollover IRA with distribution code 2, one for my traditional IRA with code N, and one for my Roth IRA with distribution code R.
1. Since I already let the IRS know about my excess contribution to my Roth IRA in my 2023 taxes and withdrew the amount before the tax deadline last year, I just need to input in my 1099-R for my Roth as is right?
Thank you!
