Line 3 should have the sum of line 1 & 2. If there was no Traditional IRA distribution for the year then line 14 should be the same as line 3. The next years 8606 line 2 would come form the last 8606 filed, line 14.
If you use TurboTax each year and transfer the last years tax return then TurboTax should keep track of the prior basis in the "IRA information worksheet" line 12 unless you skipped a year or did not transfer.
There would not be a penalty since you did file a 8606- Amending a 8606 does not produce a penalty.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
