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Get your taxes done using TurboTax
Yes, you need to amend your 2024 return. You accidentally paid tax on money you already paid tax on because your 2024 Form 8606 did not "see" the basis you created in 2023.
You shouldn't need to amend your 2023 return. Your 2023 Form 8606 shows $6,490 on both Line 1 and Line 14, which sets your basis. As long as you didn’t take a deduction for that $6,490 on Schedule 1 (Line 20), your 2023 return looks good.
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February 25, 2026
9:45 AM