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Level 3
posted Mar 29, 2024 2:42:57 PM

8606 conversion to Roth IRA, #8 question

Hi I have a question regarding 8606 form: 

 

- 2023 non deductible IRA contribution : $1000

 

- 2023: Roth IRA convertion of same IRA + promotion and earnings: $1102

 

- 2024: contribution of $2000 to IRA.

 

From the following question (#8) should I enter $1102?

 

8- Enter the net amount you converted from traditional, traditional SEP, and traditional SIMPLE IRAs to
Roth, Roth SEP, or Roth SIMPLE IRAs in 2023. Also, enter this amount on line 16

0 1 1850
1 Replies
Expert Alumni
Mar 31, 2024 1:54:10 PM

Yes, you converted $1,102 in 2023, therefore, line 8  of Form 8606 will be $1,102.

 

Please be aware, TurboTax might use the Taxable IRA Contribution Worksheet to calculate line 13 and line 18 of Form 8606 and then lines 6 to 12 will be blank. Please see Pub 590-B for additional information.