Yes, correct assuming that your IRA has no basis. If there was any basis, Part I of Form 8606 should be completed and there would be an amount on line 17.Just a triple check. Last year 2023 (unfortunately) had taxes withheld but did not do an indirect rollover from taxable to Roth to refill the taxes withheld. This year, 2024, did the conversion AND replaced the amount of tax withheld by the indirect rollover from taxable to Roth.
My guess: ultimately did the conversion of 129k, with 110,040 coming from the conversion and 18,960 coming from the indirect rollover, that Line 16 and 18 of Form 8606 will be 129k. Even though part of that 129k came from the tIRA and part of it came from an indirect rollover. Correct?
Of course, don't forget to list the amount withheld on Form 1040.
Statistics: Posted by Alan S. — Wed Jan 22, 2025 6:22 pm