Hi,
In year 2021, my 8606 Total Basis is $6,000.
In year 2022 and 2023, my Traditional IRA contribution were tax deductible (so no 8606 produced).
In year 2024, my Traditional IRA contribution is $7,000, but the 8606 Total Basis is $0 (it should be $6,000, from year 2021, somehow Turbotax didn't carryover the Total Basis from 2021). -- I didn't realize this mistake.
So two questions:
1) How should I correct the wrong Total Basis in 2024?
2) I am about to file my 2025 tax, should I put in the corrected Total Basis, i.e., $6,000 (from 2021) + $7,000 (from 2024) = $13,000 Total Basis?
Thank you for reading.
