Essentially, yes. The contribution made for 2025 will appear on line 1 of Form 8606. The carryover from line 14 of the 2024 Form 8606 will appear on line 2. These are summed together on line 3 to be used in the subsequent calculations on Part I of Form 8606 to determine the nontaxable and taxable amounts of the Roth conversions. If the amount in your traditional IRAs ate the end of 2025, all of the amount on line 3 will be applied to the Roth conversions (assuming no loss in investment value between the time of the contributions and the time of the conversions).
