Correct. Note that TurboTax will zero out your basis carryforward if you have a zero balance in traditional IRAs at year end. This made some sense when TurboTax automatically created a miscellaneous deduction subject to the 2%-of-AGI floor for unrecoverable basis, but with such miscellaneous deductions suspended until 2026, it's not clear that TurboTax should zero out the carryforward. Also, it's not clear that such basis is truly unrecoverable since it possible for you to make future traditional IRA contributions. Under these circumstances, I generally suggest leaving a small amount in traditional IRAs to guarantee preservation of the carryforward and avoid any question as to whether the basis zeros out or not. However, it's too late for that for 2022 unless you have funds in a qualified plan from which you can do a small rollover to a traditional IRA.
