DanaB27
Expert Alumni

Get your taxes done using TurboTax

You do not need to amend the 2023 tax return. You entered $6,500 correctly as nondeductible contribution and should have a 2023 Form 8606 with a $6,500 basis on line 14.

 

Your 2024 Form 8606 should have $7,000 on line 1, $6,500 on line 2, $13,500 on lines 3 and 5, and therefore you should have a on line a basis of $502 to carry over to future years.

 

 

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