What form to use if I convert all my money in a traditional IRA to Roth?

[chenyang26]

I also contributed $6000 to the traditional IRA earlier this year. I assume I'll continue to use Form 8606, and given that I also contributed I'll use both Part I and Part II.

However, the 3rd criteria from Part I puzzled me: "You converted part, but not all, of your traditional, SEP, and SIMPLE IRAs to Roth IRAs in 20xx AND you made nondeductible contributions to a traditional IRA in 2020 or an earlier year." So my question is: should I still fill out Part I of Form 8606 if I converted all of my traditional IRA to Roth? Or is there another form to fill out if I did both contribution to IRA and convert all IRA to Roth? Thanks.

[macuser_22]

You will get a 1099-R for the conversion.   Enter it into TurboTax and answer the followup questions.  TurboTax will fill out the 8606 for you.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

You will be asked of you had and tracked non-deductible contributions - say yes. The enter the amount from the last filed 8606 form line 14 if it did not transfer. Then enter the total value of any Traditional, SEP and SIMPLE IRA accounts that existed on December 31, 2020.

That will produce a new 8606 form with the taxable amount calculated on lines 6-15 and the remaining carry-forward basis on line 14.

NOTE: If there is an * next to line 15 then 6-14 will be blank and the calculations will be on the "Taxable IRA Distributions worksheet instead.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR  Use the "Tools" menu  (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.