Friends-
I annually contribute the max non-deductible amount to my traditional IRA. After the funds settle, I convert - typically within a day or two of the initial contribution (backdoor Roth conversion).
Heading into 2024, I had $0 in my traditional IRA accounts. I contributed $7K (nondeductible), and by the time I converted, the account dropped by $33 (i.e. I converted $6,967 to the Roth).
I've accurately entered this information in TT. When I preview my form 8606, I'm seeing $7K in lines 1, 3, and 5 (that seems right). Line 13 shows $6,967, and Line 14 shows $33.
My concern is that Line 14 - which reflects my basis in traditional IRAs for 2024 and earlier - is $33. That seems wrong. I would expect it to be $0 (the amount left in my traditional IRA on Dec. 31, 2024) or negative $33 (the amount I lost in the account in 2024).
A TT "expert" agreed that it should be $0, admitted it could not be changed in the TT online, and suggested I complete my taxes again on the desktop app. Not ideal, but I'm willing to do it if that's what it takes. Am I correct? Or are the forms already correct?
