Hello,
This is our first year doing a backdoor Roth IRA. We both opened traditional IRAs in April 2022 for the first time, but have separate Roth accounts from before that we funded 2 years ago. We contributed 6,000 post tax dollars for both me and my wife to a traditional IRA in April 2022, and converted the contributions to a new Roth IRA account the following day completed by our financial advisors. We have not received 5498 forms yet, and understand that this should be reported on our 2022 taxes. When I filled out all of the information on Turbo Tax, it came up as a nontaxable event, which I believe is correct.
My main question is when looking at the 8606 form it shows that in line 14 our Basis in traditional IRAs for 2021 and earlier years is 6,000. From examples I have found online as well as when I hand fill out the 8606 form, I believe this should be 0 instead. I can't figure out what I did wrong in answering the questions that triggered it to look like that.
Could you please help me out with this?
