cpowell17
Returning Member

Get your taxes done using TurboTax

Basis data is NOT provided on a 1099-R with Box 7: distribution code = 7.

 

The broker does not provide the data as the calculations may involve holdings in several different broker accounts, banks, etc.

 

If you create a 1099-R in Turbotax and enter the data I provided and run the easy step you will see that it does not ask or allow you to enter the basis data for 2022.

 

Look up IRS Form 8606 (2022) along with instructions.

 

Part III, Line 22 of the instructions provides directions for supplying cost basis.  "Enter on line 22 the total of all your regular contributions to ROTH IRAs for 1998 through 2022".  Turbotax provides prompts to enter basis through 2021.  The 2022 version of Turbotax does NOT prompt for 2022 cost basis.

 

That is a BUG.