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Form 8606 Carryover shows 0 basis despite last year's Line 14 has non-zero basis
A year after I received help to file my initial Form 8606 (here is the previous thread), I'm confused by the carryover behavior of TurboTax.
I did Backdoor Roth Conversion each year, for TY2022, TurboTax calculated a basis of 19 on line 14. Then I imported it into TurboTax 2023, but when I reached the "Let's Find Your IRA Basis" step, it transferred 0 as the "Total Basis as of December 31, 2022".
After reading the IRS instructions of Form 8606, I still think the basis transferred should be equal to the line 14 of the previous year's Form 8606. What did I miss? Or should I just correct it at the "Let's Find Your IRA Basis" and provide an explanation?
‎April 11, 2024
11:44 PM