Hello,
I've tracked my non-deductibles across past years on form 8606 (2021-2023). Tax year 2024 is the first year I performed a Roth conversion from my tIRA to my Roth IRA with my nondeductibles and a bit of pre-tax growth ($2). Tax year 2024 I contributed $5,000 to my tIRA and $2,000 to my Roth IRA.I converted a total amount of $23,908.40 which is on my 1099-R and it doesn't display this number in line 8. I've already entered the information in 1099-R in Turbo Tax. Here is the breakdown of what Turbotax is reading in 8606 form:
- My total of $5,000 line 1
- My total basis for line 2 is 18,500 from tax year 2021 - 2023 (6,000,6,000,6,500).
- Line 5 is total basis $23,500 (18,500+5,000).
- In Turbotax it shows empty in lines 6-12 and on line 13 is shows $23,498 ($23,500-$2).
- Line 14 = $2.
- Lines 15a-c = 0. Part II - Line 16 = $23,908 which is supposed to be what is entered on line 8, but line 8 is empty.
- Line 17 = what is on line 11 which is $23,498
- Line 18 is the taxable amount = $410
Just curious why certain fields are empty and I also tried to override the fields 6-12 but Turbotax will not accept a submission if fields are overridden. I don't believe this taxable amount is correct. Kindly advise on your thoughts.
