Yes, you are correct. The total basis in your IRAs for 2021 and earlier should be the full amount your were unable to deduct (nondeductible contributions) should have been on Line 14.
Generally, after you file your return, you can change a nondeductible contribution to a traditional IRA to a deductible contribution or vice versa if you make the change within the time limit for filing Form 1040-X, Amended U.S. Individual Income Tax Return. If necessary, complete a new Form 8606 showing the revised information and file it with Form 1040-X.
Review all the information in the link before you begin. As indicated nothing else will change on your return so you should see no entries in column B.
Prepare your 2022 tax return as though the 2021 tax return was already correct. Use the steps below for your 2022 8606.
To trigger the 8606 in TurboTax
You can trigger Form 8606 with these instructions:
- Sign in to your TurboTax account
- Open your return if it isn't already open
- Inside TurboTax, search for this exact phrase: IRA Contribution Information
- Select the Jump to link in the search results
- Proceed through the IRA section, answering questions as you go
- Answer Yes when you reach the screen, Any Nondeductible Contributions to Your IRA?
- Select Continue
- We'll generate and fill out the 8606 behind the scenes
Tip: On joint returns, 8606-T stands for "taxpayer" (first person listed on the return) and 8606-S denotes "spouse."
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