DanaB27
Expert Alumni

Retirement tax questions

Your 2020 Form indicates that you made a $6,000 contribution for 2020 but did not convert it until 2021. And in 2021 you made a contribution for 2021 and then converted the 2020 and 2021 contributions. 

 

To confirm, you didn't have any pre-tax funds in the traditional/SEP/SIMPLE IRAs, correct? And your balance/value on December 31, 2021, was $0 because you had converted all funds in 2021.

 

It seems you might had a loss before converting the funds since you converted $11,577 and therefore had a basis left of $423 but your account's value was $0. Maybe this caused issues with the transfer when TurboTax imported the data from the previous year.

 

To move forward I would enter the basis as $423 for prior years and then fill out the explanation statement. The IRS has your 2021 Form 8606 with a $423 basis on line 14 so this shouldn't cause any issues.

 

 

@urbantempest1 

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