@girlie3723 wrote:
I am concerned about these 2020-2022 returns. Is there a way for a TT specialist to review my prior returns and file amended if needed? I’m not sure where to go from here but all the data is already in TT. 😕 Thanks in advance.
Turbotax Online has a Live option (you can speak with a CPA about your return, but you file it) and a Full Service option (the CPA files your return for you using your information). They are, of course, more expensive than the DIY version. But I don't know if the Live or Full Service options include assisting with a prior year.
Also, you won't get in trouble if you paid too much tax (if you failed to calculate the non-taxable amount of your withdrawals). And you have until July 15, 2024 to amend your 2020 tax return and get a refund of any extra tax you paid, so there is no rush to sort this out.
To start with, let's think about some basic questions.
1. Usually, all your IRA contributions are made with after-tax money (your take-home income) but you then take a tax deduction on your tax return.
- Did you ever make IRA contributions and NOT take a tax deduction?
- Which years?
- Did you file a form 8606 with those tax returns and did you save a copy?
- What year is the most recent form 8606 you have with your tax papers?
- What is the amount on line 14 of your most recent form 8606? (It says, This is your total basis in traditional IRAs for 2023 and earlier years.)
2. If you withdrew from your IRA in 2020, does your 2020 tax return include a new form 8606?
3. If you withdrew from your IRA in 2021, does your 2021 tax return include a new form 8606?
4. If you withdrew from your IRA in 2022, does your 2022 tax return include a new form 8606?
