dmertz
Level 15

Retirement tax questions

In addition to Part II of your 2022 Form 8606 being incorrect, the amount from line 14 of that form is incorrect.  Since line 14 of your 2021 Form 8606 carries forward to line 2 of your 2022 Form 8606, rather than perpetuating the incorrect information which can produce incorrect calculations of tax liability on future Forms 8606, you should file a corrected 2021 Form 8606.  I would also file that amendment with Form 1040-X to show that there was no change in tax liability resulting from the correction.

 

After making the amendment with 2021 TurboTax, transfer into 2022 TurboTax the amended 2021 tax file when beginning your 2022 tax return.