Hello,
I have a question regarding IRA basis. During the tax year of 2022, I contributed $6,000 initially to a Rorth IRA. I realized I would be over the income limit, recharacterized the contributions to a traditional IRA, and then proceeded to perform a backdoor Roth. Before the recharacterization, the $6,000 had lost money and the amount recharacterized was $5,231.48. The amount converted back to the Roth was $5,272.30. The basis reported on 8606 is $769. For tax year of 2023, I contributed $6,500 to traditional IRA (after the end of the tax year) and converted it to a Roth IRA. When preparing my taxes and entering my basis, I enter the $769 which is on the return that was prepared by TurboTax. TurboTax is now saying this doesn't match the basis from 2022 ($0) and that I need to prepare an explanation. I did not have any basis before 2022. Any help regarding a solution would be appreciated.
Thanks.
