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Glad you solved it.
Hi MacUsr_22
I am not able to find/view the most recent post where I shared the updated form 8606-T to confirm if everything looks correct, so I am re-posting the same information again, to confirm:
Under "Deduction and Credit" under "Tell Us how much you contributed / Your total amount you put into traditional IRA for 2021, even if you later transferred some or all of it to a Roth IRA"
for question " Your Total 2021 traditional IRA contributions" I was earlier entering 14,000, which was my total DURING year 2021, but 7 K of that was for 2020 and 7K was for 2021). I corrected that now to make it 7K ONLY contribution made for year 2021. I think this fixed the issue/error.
Here are the details/re-posted here:
IRA Balances:
IRA Balance on 12/31/2020 = $0.40
IRA Bal as on 12/31/2021 = $ 0.49
IRA Deposits & Conversions:
For Year 2020:
Deposited in IRA on 1/4/2021 for year 2020 = 7K
Roth Conversion on 2/4/2021 for year 2020 = 7K
For Year 2021:
Deposited in IRA on 5/25/2021 for year 2021 = 7K
Roth Conversion on 6/8/2021 for year 2021 = 7K
For Year 2022:
Deposited in IRA on 2/4/2022 for year 2022 = 7K
Roth Conversion on 3/7/2022 for year 2022 = 7K
Revised/Updated form 8606 now looks as:
Line 1 = 7K
Line 2 = 7K
Line 3 = 14K
Line 4 = blank
Line 5 = 14K
Line 6, 7, 8, 9, 10, 11, 12 = blank
Line 13 = 14K with * Asterisk
Line 14, 15a, 15b, 15c = 0. with line 15c has * Asterisk
Line 18 = 0. with * Asterisk
Line 19 thru 25c = blank
I would appreciate it if you could check and let me know, I have done it correctly, now?
Yes, you seemed to have corrected your error for the contribution in the Deductions & Credit section. Everything looks correct.
Hi DanaB,
I just realized that I didn't include the amount in my earlier post for Form 8606-T for Line 16 & 17. These both lines have 14K each.
Here is the final picture:
Form 8606 now looks as:
Line 1 = 7K
Line 2 = 7K
Line 3 = 14K
Line 4 = blank
Line 5 = 14K
Line 6, 7, 8, 9, 10, 11, 12 = blank
Line 13 = 14K with * Asterisk
Line 14, 15a, 15b, 15c = 0. with line 15c has * Asterisk
Line 16= 14K
Line 17= 14K
Line 18 = 0. with * Asterisk
Line 19 thru 25c = blank
I would appreciate it if you could check and let me know, with Line 16 & 17 having 14K, this is done correctly?
Apologies for confusion, I just re-visited the IRA & Roth IRA questions double checked and the Line 16 & Line 17 are also blank, NOT 14K. Not sure what happened, the form now looks as:
Here is the final picture:
Here are the details/re-posted here:
IRA Balances:
IRA Balance on 12/31/2020 = $0.40
IRA Bal as on 12/31/2021 = $ 0.49
IRA Deposits & Conversions:
For Year 2020:
Deposited in IRA on 1/4/2021 for year 2020 = 7K
Roth Conversion on 2/4/2021 for year 2020 = 7K
For Year 2021:
Deposited in IRA on 5/25/2021 for year 2021 = 7K
Roth Conversion on 6/8/2021 for year 2021 = 7K
For Year 2022:
Deposited in IRA on 2/4/2022 for year 2022 = 7K
Roth Conversion on 3/7/2022 for year 2022 = 7K
Form 8606 now looks as:
Line 1 = 7K
Line 2 = 7K
Line 3 = 14K
Line 4 = blank
Line 5 = 14K
Line 6, 7, 8, 9, 10, 11, 12 = blank
Line 13 = 14K with * Asterisk
Line 14, 15a, 15b, 15c = 0. with line 15c has * Asterisk
Line 16= Blank
Line 17= Blank
Line 18 = 0. with * Asterisk
Line 19 thru 25c = blank
Please check and confirm. Thank you for your help!
It looks like you made a change during the retirement section interview, and it doesn’t show the conversion anymore. Please make sure you selected that you converted all of the distribution:
Hi DanaB,
Thank you so much for catching my error and suggested fix:
I revisited the 1099-R section and here is what I have in form 8606-T now:
Form 8606 now looks as:
Line 1 = 7K
Line 2 = 7K
Line 3 = 14K
Line 4 = blank
Line 5 = 14K
Line 6, 7, 8, 9, 10, 11, 12 = blank
Line 13 = 14K with * Asterisk
Line 14, 15a, 15b, 15c = 0. with line 15c has * Asterisk
Line 16= 14K
Line 17= 14K
Line 18 = 0. with * Asterisk
Line 19 thru 25c = blank.
Please confirm this looks correct now?
Another question regarding IRA to Roth IRA conversion:
On Screen "Lat's find your IRA Basis", for entry "We have transferred the total basis for your Traditional IRAs for all years through 2020. Correct the Amount below if needed" / "total basis as of December 2020 = 7,000".
Question is:
Should this be 14,000.00 to include 2019 7K conversion done in 2020 (deposited to IRA on 1/27/2020 & Converted to Roth IRA on 3/2/2020) but was not reported initially on 2019 Tax return and had filed amended return with form 8606-T on 3/27/2021.
Please let me know, if it should be 14,000 or 7K or different values based on:
IRA Deposits & Conversions:
For Year 2019:
Deposited in IRA on 1/27/2020 for year 2019 = 7K
Roth Conversion on 3/2/2020 for year 2019 = 7K
For Year 2020:
Deposited in IRA on 1/4/2021 for year 2020 = 7K
Roth Conversion on 2/4/2021 for year 2020 = 7K
For Year 2021:
Deposited in IRA on 5/25/2021 for year 2021 = 7K
Roth Conversion on 6/8/2021 for year 2021 = 7K
For Year 2022:
Deposited in IRA on 2/4/2022 for year 2022 = 7K
Roth Conversion on 3/7/2022 for year 2022 = 7K
"IRA Information Worksheet has:
Part-1 Basis & Value - 1 =7K, 23,4,5 are blank
Part-2 Roth IRA - 6-Basis in Roth IRA contribution - balnk / 7-Basis in Roth IRA conversions -28K / 9- Conversion Basis Carryover as of 12/31/2021=28K
Part-3 Traditional IRA Basis Details - 12-Basis for 2020 and earlier years - 7K / 17-Adjusted total basis in Traditional IRAs - 7K
Part-4 Traditional IRA year-end Value - Lines 18 thru 21 - all zeros
Part-5 Roth IRA conversions and contribution balances / Line 23-29 all Zero / Line-30- (2019 Conversion Cont. NOT taxable Conv)=7K / Line-31=0 / Line-32 (2020 Conversion Cont. NOT taxable Conv)=7K
2021 Transactions - Contributions - ONLY Line 36 (Conversion Cont. NOT taxable Conv) = 14K rest all are Zero
Balance Carryover to 2022 (Basis After 2021 transactions):
Line-56 (2019 Conversion Cont. NOT taxable Conv)= 7K
Line-58 (2020 Conversion Cont. NOT taxable Conv)= 7K
Line-60 ((2021 Conversion Cont. NOT taxable Conv)= 14K)
Apologies for long messages, I just wanted to get this checked/corrected if needed to avoid any confusion in Future. Please review Thank you for your help and getting this IRA/Roth IRA basis corrected for Future calculations.
Yes, the Form 8606 entries look correct.
The "total basis as of December 2020” should be $7,000.
Thank you DanaB for your help!
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