andsmi5521
Returning Member

Retirement tax questions

Hi Dmertz,  I heard you are an expert on this. I read this thread and saw that turbotax uses 590b 1-1 worsheet. however,My 8606 line 5 , line 13 and line 14 have incorrect entries. Is this an expectation of using worksheet 1-1?   I contributed $7000 to traditional IRA in May 2020 and converted all to Roth IRA.  My total basis in traditional IRA should be $0 for 2020 and earlier years (line 14), and line 13 should be $7000.  But TT gave the reverse instead, line 13 is 0 and line 14 is $7000.  My line  5 should be $7000 but TT left it blank. (my line 3 is $7000 which is correct, line 4 is correct- blank as I didn't contribute in 2021 from Jan -Apr 15).   I called TT help line twice and started a ticket but nothing has happened. The investigation number is 12826. Can you shed some light? I am concerned my total basis in traditional IRA is carried forward incorrectly to the next year.  It should be zero, but TT 8606 form says $7000.