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Get your taxes done using TurboTax
I reviewed your file. You didn't enter your $6,000 basis from your 2020 Form 8606 line 14. Line 2 of your 2021 Form 8606 should be $6,000 and then line 3 will be $12,000.
Please follow these steps to enter your basis from 2020 when you are in the retirement section (steps 6 and 7):
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Review your 1099-R info" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2020 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
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April 5, 2022
5:42 AM