HI.
My money grew in Traditional IRA account by $3.50 before I converted them to Roth. I converted all to Roth as advised on others and trying to report it on my tax form.
I input my 1099-R as directed online but my 8606 form does not indicate the $3.50 taxable amount.
Please help. I am using the online version.
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To clarify, do you show the $3.50 (most likely rounded to $4) on line 4b?
Did you have any basis from prior years entered? Was the value of all of your traditional/SEP/SIMPLE IRAs at the end of 2023 $0?
You can see the calculations on Form 8606 (or the Taxable IRA Distribution worksheet if you have a * next to line 13).
To preview Form 1040:
To see Form 8606 (you might be asked to pay first):
Please review these instructions below.
To enter the nondeductible contribution to the traditional IRA:
To enter the Form 1099-R conversion:
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