I've used TurboTax (desktop) fro decades. We usually contribute the max to our traditional IRAs, and I follow TurboTax's walkthrough for how to enter it. While doing 2022 taxes this year, TT showed a screen saying the cost basis of this account is $X and I can confirm or correct it. $X seems vastly too low. I've kept track of every dollar we've put into our IRAs.
Going back through the PDF versions of all my prior tax returns, I see that TT sometimes fills in "IRA deduction" and sometimes does not, probably because of income limitations.
My question is: does having an IRA deduction matter in any way for calculating the cost basis of a traditional IRA?
I assume IRA deductibility has nothing to do with IRA cost basis, and that TurboTax (or I) did something wrong in past years so the cost basis has not carried over correctly. TT allowed me to type in the total amounts I know we've contributed to the traditional IRA accounts, and collected a simple text field explaining the difference. (I just wrote in, "TurboTax did not correctly transfer cost basis for IRAs".)
Is this reasonable?
