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Retirement tax questions
I'm now filling the tax year for 2023. I checked that the tax form 8606 filed in 2022 has "$202" on line 14. Based on this example last year, "$202" is derived from "$9,748" (line 13) minus "$9,950 (line 3).
However, when I am asked the question on Traditional IRA basis as at 31 Dec 2022, when I'm filing the 2023 tax year, I indicated the amount "$202", but gotten a message that "we transferred a total basis in all our traditional IRAs of zero for all years through 2022. We calculated a different total basis of $202 from your entries on the previous screen. Your basis cannot be less than zero".
Is my total basis $202 or $0? I thought line 14 in previous 8606 will be transferred over to line 2 to this years 8606
March 29, 2024
11:51 AM