I contributed the $6500 for tax deduction MISTAKELY to Roth IRA I requested to move this amount to my Traditional IRA
The amount of 6464.50 was move to my Traditional IRA The $35.50 was adjusted in recharacterization process
Now I told that I have to complete the form 8606
How this case should be completed ? (example)
How to find and load this form?
You should complete Form 8606 and include $6,500 for the amount of your Non-Deductible Traditional IRA Contribution.
To trigger Form 8606, follow these steps:
- Open (continue) your return if it's not already open.
- Inside TurboTax, search for this exact phrase, including the comma: 8606, nondeductible ira contributions
- Select the "Jump to" link in the search results.
- Proceed through the IRA interview, answering questions as you go.
- When you reach the screen Any nondeductible contributions to [taxpayer's] IRA? answer Yes, then continue through the interview questions.