My wife and I both made $5500 non-deductible contributions to brand new Trad. IRA accounts in 2014 for year 2013. We converted these to ROTH IRA's. I neglected/didn't realize I needed to complete f8606 and am now trying to do that. Two questions:
1) f8606 question on Line 3 is throwing me: "In 2013, ... make a ROTH IRA conversion. Since technically I made the conversion in 2014, do I note that on next years filing? Or should I be reporting the conversion on 2013 form.
2) I understand there is a $50 penalty for filing f8606 late. Is this penalty per filing or per form (i.e. penalty for not filing mine AND my wife's 8606). And should I send that payment in immediately with the form?