- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
You must amend your 2022 tax return to add Forms 8606 reporting the nondeductible traditional IRA contributions for you and your wife. Line 14 of these forms will show each individual's basis in nondeductible traditional IRA contributions made for 2022. When this amended tax file is transferred into 2023 TurboTax to begin your 2023 tax return, TurboTax will carry forward each amount from line 14 to line 2 of the individual's 2023 Form 8606.
In 2023 TurboTax you'll need to enter the nondeductible traditional IRA contributions made for 2023. These will appear on each individual's Form 8606 line 1 to be added to the amount on line 2. You'll also need to enter the Form 1099-R for each individual for the total of each individual's Roth conversions performed in 2023. TurboTax will complete Forms 8606 Parts I and II to show the taxable amount of the Roth conversions, zero for each if each individual has no other funds in traditional IRAs and there were no investment gains between the time the nondeductible traditional IRA contributions were made and the time the Roth conversions were performed.