Submitted by lmportance t3_11ed1rl in personalfinance
nothlit t1_jadcu64 wrote
That’s not an error.
Unlike contributions, conversions go by calendar year. You created $6000 of basis in your traditional IRA for 2022 by making a contribution designated for 2022, but you didn’t actually use up that basis in 2022 since you did the conversion in 2023, so it hangs around on line 14, to be carried over to next year’s Form 8606 line 2. You’ll report the conversion on the 2023 8606, not the 2022 8606.
Viewing a single comment thread. View all comments