DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, your 2020 Form 8606 basis on line 14 should be $7,000. To verify that I'm understanding correctly, your original filed 2020 Form 8606 shows the $7,000 basis on line 14 but there was somewhere an error importing the correct information.

 

Yes, if it was an import error then put in the explanation that the correct amount of $7,000 was not properly transferred in TurboTax. 

 

No, you filed everything correctly so there shouldn't be any issues if the IRS ever looks at it.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post