In 2020 I took a $125,000 distribution from my IRA. (remember...no RMDs required in 2020). I converted $100,000 to a new ROTH IRA, all done on the same day, same brokerage. My 1099-R for this IRA shows Box 1, $125,000, Box 2, $125,000 and Box 7 has a 7 in it. There is no “Basis” left in my IRAs so all distributions are taxable. I followed the Step-by-Step TT questions, answered that the $100,000 was converted to a ROTH IRA. When I finished entering all my 1099s, etc. I finished by hitting Continue so that the FAIR MARKET VALUE of my IRAs could be entered from my 12/31/2020 statements. I did not enter the ROTH IRA as indicated by TT. The 8606 that has been generated under FORMS has my name and SS# at the top; all of Part 1 is blank; Part II Line 16 is $100,000, Line 17 is -0-, Line 18 is $100,000. Part III is blank. Am I correct that Part I should be blank? (No Basis, no nondeductible contributions.)
If someone could tell me that this 8606 is correct, why is there a big ❗️ next to 8606-T along with (Not Done)? IF I do need to fill in Part I, how do I accomplish that?
Last question. In the Step-by-Step under Deductions and Credits topics how do I get back to Section 9? Somehow I went from Section 9 to a “Congratulations! We’ve covered 11 of11 sections but I never answered questions for 10 and 11.
🙏🏽THANKS FOR YOUR HELP. I HAVE BEEN STUCK ON THIS PROBLEM SINCE SUNDAY and seem to have lost the nice person who previously helped through a few other sticky problems.
