We must find correctly the action reaction pairs:
There is the buyoancy force that the water does on the object, and the force that the object does on water (it is not necessarily its weight).
There is the force that the Earth does on the object (its weight) and the force that the object does on earth.
Looking only for the forces on the object: its weight, buyoancy, and the reaction force of the bottom (if it is totally submerged).
If the object is placed below the surface, it can accelerate upwards or downwards depending on the difference between buyoancy and weight.
If the object is at rest floating, the buyoancy force balances its weight.
If the object is at rest submerged at the bottom, the sum of the normal reaction of the bottom plus the buyoancy force balance its weight.