Form 8606
Greetings, Last January, 2022 I rolled over my pre-tax lump sum pension of $125,000 (no after tax money was in it) into a Traditional IRA account. This is my first and only Traditional IRA. Later in September, 2022 I did a Roth conversion of $10,000. Not sure if or how to fill out form 8606. I’m thinking that maybe only the part on the 8606 filled out should be part 2. Later I read that Part 2 should only be filled out if it had after tax amounts in rollover. This is so confusing I don’t know whether to even fill it out or not. If I do need to fill it out: Line 16……..$10000, Line 17………$0 and Line 18……..$10000? Is this correct?I read the IRS directions but still not sure if 8606 applies here. Thank you so very much for your help, Bob
Permalink Submitted by Alan - IRA critic on Tue, 2023-03-07 15:22
Part II is always required to report conversions per the single line at the top of Part II, but you can ignore Part I because you have no non deductible contributions in your IRA. Your lines 16 and 18 should both show 10,000.