I have questions about the completion of Form 8606 relating to a Roth conversion from a traditional IRA. All my traditional IRAs are tax deferred meaning, to me, that I pay tax whenever I take money out for my RMD or when I do a Roth conversion. This is because I did not pay tax on the money originally contributed.
If I do a $30K Roth conversion in tax year 2019 what Parts and line numbers are filled out on Form 8606? I believe the correct answers are $30K on line 8 of Part I (as the amount converted in 2019) and $37K on line 9 as the total of lines 6, 7, and 8. I also believe Part II is completed with the $30K on lines 16 and 18 as the taxable amount.
How often is Form 8606 submitted and under what other related circumstances
My other question is about basis. What is basis, if any, is there in this situation? I don't think I have any basis in the situation cited.