Form 8606 question

[batoncookie]

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!

[fanfare]

"Since I already let the IRS know about my excess contribution to my Roth IRA in my 2023 taxes"

check to see if you  reported this action consistent with the rules.

see below.

"withdrew the amount before the tax deadline"

a recharacterization is not a withdrawal.

@batoncookie 

[fanfare]

recharacterization: the original amount to the first IRA you report as contribution to the second IRA, earnings move but that is ignored.
You must use a trustee-to-trustee transfer before the due date April 15,2025 ( or Oct 15, 2025 if 1040 was timely filed or extended).
You will instruct trustee to calculate the allocable earnings.

report this on your tax return for the year during which the contribution was made.
Treat the contribution as having been made to the second IRA on the date that it was actually made to the first IRA.
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Upon reporting a Trad IRA contribution (non-deductible) on your tax return, you can then also report a Roth conversion of the contributed amount for net tax of zero, unless your IRA previously had value exceeding basis.

In that case, it can't be done tax free.

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to report a non-deductible contribution, Form 8606 must be attached.

@batoncookie 

[fanfare]

Box 7 Code "N" and "R" says you did two recharacterizations, one of a 2023 amount and one of a 2024 amount.