Later that calendar year 2020, I contributed non-deductible $6,000 to IRA, then next day converted $6,000 to Roth IRA
Thus $10 remained in the IRA on December 31st 2020. Rest $106,000 IN TOTAL was converted to Roth IRA.
I am now confused about line 8 on form 8606. "Enter the net amount you converted from traditional, SEP, and SIMPLE IRAs to Roth IRAs in 2020. Also enter this amount on line 16"
Is it $6000 or $106,000? I am confused as I thought 401k to IRA to Roth conversion doesn't need form 8606
- 1 Enter your nondeductible contributions to traditional IRAs for 2020, including those made for 2020 from January 1, 2021, through April 15, 2021. See instructions .............$6000
2Enter your total basis in traditional IRAs. See instructions...............$0
3Add lines 1 and 2............................$6000
4Enter those contributions included on line 1 that were made from January 1, 2021, through April 15, 2021.....$0
5Subtract line 4 from line 3 .........................$6000
6Enter the value of allyour traditional, SEP, and SIMPLE IRAs as of December 31, 2020, plus any outstanding rollovers.....$10
7 Enter your distributions from traditional, SEP, and SIMPLE IRAs in 2020. Do not include rollovers (other than repayments of qualified disaster distributions (see 2020 Forms 8915-C, 8915-D, and 8915-E)), qualified charitable distributions, a one-time distribution to fund an HSA, conversions to a Roth IRA, certain returned contributions, or recharacterizations of traditional IRA contributions (see instructions)....................$0
8 Enter the net amount you converted from traditional, SEP, and SIMPLE IRAs to Roth IRAs in 2020. Also enter this amount on line 16.....
Is it $6000 or $106,000?