Hello,
Having trouble with traditional IRA basis tracking in turbo tax. Not entirely sure how to clean this up.
2022 - 8606
Summary - Contributed 6k nondeductible. No Roth conversion during 2022
- Line 1 - 6000
- Contributed 6000 for 2022
- Line 3 - 6000
- Line 14 - 6000
- No roth conversion during 2022 - so 6k basis
2023 - 8606
Summary - Contributed 6500 nondeductible. Converted entire balance (12500+interest) to Roth.
- Line 1 - 6500
- Contributed 6500 for 2023
- Line 2 - 0
- Seems like this should be 6k to represent 2022 basis?
- Line 3 - 6500
- Seems like this should be 12500
- Line 14 - 6500
- Seems like I should have a 0 basis?
2024 - 8606
Summary - Contributed 7000 nondeductible. Converted the entire balance (7000+interest) to Roth.
- Line 1 - 7000
- Line 2 - 6500
- I think I should be at a 0 basis.
- Line 3 - 13500
- Line 5 - 13500
- Not sure why this has a value
- Line 13 - 7004
- Line 14 - 6496
- Line 16 - 7004
- Line 17 - 7004
Questions
- Is my understanding correct?
- I can't seem to get turbo tax to recognize a 0 basis on Line 14 (2023)
- Should I input 0 basis on Line 2 (2024) to correct this?
