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Level 6
August 23, 2023
Question

8606 roth conversion

  • August 23, 2023
  • 1 reply
  • 6 views

I converted to Roth GSIRA a non deductible contribution. $7000.  

 

we did Roth IRA conversions of $7000 for myself and $7000 for spouse using non-deductible IRA reported in 2022. How do I enter this amount in Form 8606 in line 16 for both of us. I received 5498

 

what will be line 6 on 8606

 

Will this shows up has taxable in Line 4b on 1040?

 

total net income is above $350K

1 reply

fanfare
Level 15
August 23, 2023

Since an IRA belongs to an Individual, you must submit two Forms 8606, one with your name/SSN, and one with spouse's name/SSN.

@stech 

fanfare
Level 15
August 23, 2023

Since you are converting an IRA with basis, Line 16 will have the amount from Part I Line 8.

@stech 

stechAuthor
Level 6
August 23, 2023

How do I enter amount in line 8

 

Right now, I have $7K in Line 1, 3,4, 14.. nothing on Line 16.  I know line 8 will flow to Line 16

 

If I enter values in Line 6, will that calc taxable amount?