DanaB27
Expert Alumni

Get your taxes done using TurboTax

If you used TurboTax in 2022 then TurboTax will ask for an explanation statement why the basis is different from the previous filed return when you enter the prior basis form the 2022 Form 8606 line 14 on the 2023 return. Here you can say you are amending the 2022 return to correct the basis.

 

Yes, if you have an amount due when amending the tax return then you might be charged with interest. 

 

"If you owe additional tax, file your amended return, and pay the tax by the April due date to avoid penalties and interest. Your return will replace your original return. If you file after the April due date, don't include any interest or penalties on your amended return. We'll make any needed adjustments automatically." (IRS)

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