Form 8606, page 2— Nondeductible IRAs 2020

Form 8606, page 2— Nondeductible IRAs 2020

Summary: This is an example of Form 8606 (2020) with items included as described in the text. Additionally, these line items are completed:

Under"Part II: 2020 Conversions From Traditional, SEP, or SIMPLE IRAs to Roth IRAs":
"16. If you completed Part I, enter the amount from line 8. Otherwise, enter the net amount you converted from traditional, SEP, or SIMPLE IRAs to Roth IRAs in 2020. " field contains 5,000
"17. If you completed Part I, enter the amount from line 11. Otherwise, enter your basis in the amount on line 16 (see instructions)" field contains 460
"18. Taxable amount. Subtract line 17 from line 16. Also include this amount on Form 1040, 1040-SR, or 1040-NR, line 4b" field contains 4,540 Footnote: From Worksheet 1–1 in Pub. 590-B.