Hello experts,
While preparing my tax return for 2023, I came across backdoor roth conversion. I found I entered incorrect numbers for IRA for year 2022.
So I checked my 2022 tax return. Based on TT 8606 form, I have line 1 amount 6000, line 2 amount 600. Hence line 3 amount is 12000. Also, line 14 amount is 12000. Rest of lines are empty. Same is true for my wife.
Based on this, it appears to me I entered wrong numbers for ' total basis in trad ira as of Dec 31, 2022'. It should have been 0 but it shows 6000.
Based on this, I checked my form 1040, line 4b. It has 0 there. Exact text from form 1040 4b "Rollover, 0".
I checked this forum and read I should check IRS tax transcript to see what is reported there.
So I got that and on tax transcript, form 8606 has all 0s. Also. Total ira distribution is 12,000 ( MFJ). Total taxable ira distribution is 0.
Does this means everything is good with my 2022 tax return ?
