Can you check my 8606? 2015, 2016, and rollover conversion all in 2016

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MPAndy222
Posts: 42
Joined: Thu Mar 31, 2016 6:26 pm

Can you check my 8606? 2015, 2016, and rollover conversion all in 2016

Post by MPAndy222 » Sat Apr 01, 2017 8:46 am

The DW and I did traditional to roth IRA conversions in 2016 for both years 2015 and 2016. She also had a small ($4345) rollover IRA which was converted to roth IRA in 2016 since it couldn't be rolled into her current work retirement account. Please double check the DW's 8606 forms:

2015:
1- nondeductible contributions: $5500
2- total basis: $0
14- total basis in traditional IRA for 2015 and earlier: $5500

2016:
1- nondeductible contributions: $5500
2- total basis: $5500
3- Add lines 1 and 2: $11000
4- contributions from 2017: $0
5- subtract 4 from 3: $11000
6- value as of Dec 31: $0
7- distributions in 2016: $0
8- amount converted to roth in 2016: $15345
9- add 6,7, and 8: $15345
10- Divide 5 from 9: 0.717
11- multiply 8 by 10: $11000
12- multiply 7 by 10: $0
13- add 11 and 12: $11000
14- subtract 13 from 3: $0
15- subtract 12 from 7: $0
16- line 8: $15345
17- line 11: $11000
18- subtract 17 from 16: $4345

We'll mail in form 8606 for 2015 and submit the 2016 8606 with our turbotax. Does this all look correct? Thanks for any help in advance

retiredjg
Posts: 34219
Joined: Thu Jan 10, 2008 12:56 pm

Re: Can you check my 8606? 2015, 2016, and rollover conversion all in 2016

Post by retiredjg » Sat Apr 01, 2017 10:22 am

It looks right to me if your $11k contribution didn't grow any before the conversion.

MPAndy222
Posts: 42
Joined: Thu Mar 31, 2016 6:26 pm

Re: Can you check my 8606? 2015, 2016, and rollover conversion all in 2016

Post by MPAndy222 » Sat Apr 01, 2017 10:35 am

retiredjg wrote:It looks right to me if your $11k contribution didn't grow any before the conversion.
It grew $0.35 so it rounded down. Thanks for the help!

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