- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
This sounds like the traditional IRA contribution for 2022 was reported incorrectly on your 2022 tax return.
First, you must amend your 2022 tax return to correct the Form 8606 to include the $6,000 nondeductible contribution made for 2022. This will result in $6,000 on line 14 of the 2022 Form 8606 to be carried forward to line 2 of your 2023 Form 1099-R.
Second, Roth conversions a made in a taxable year, not for a taxable year. Nothing about the Roth conversion of the $6,000 is relevant to your 2022 tax return.
You would normally begin your 2023 tax return by transferring in the tax file for the amended 2022 tax return, causing your $6,000 of basis from 2022 to be carried forward as I mentioned, but it might be too late to consider doing that if you are already well into completing your 2023 tax return. If simply correcting the basis in 2023 TurboTax to show the $6,000 causes TurboTax to prompt for an explanation of your change in basis, the explanation would be that the 2022 Form 8606 was amended and the adjustment is to provide the corrected basis value from line 14 of the amended Form 8606.