If you took a distribution from your traditional IRA in 2021 then you will need to file Form 8606. You will need to amend the 2021 return once the first amended return has been processed.
You can start the amended return now to see what your new basis is on line 14 of the 2021 Form 8606. This will be entered on your 2022 tax return:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- On the "Review your 1099-R info" screen click "Continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2021 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
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