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Retirement tax questions
No, no prior balance. Only other transaction within the Traditional IRA was in 2020 with $6K moving and then back out to the Roth IRA. No contribution in 2021. And then the 2022 with $6K moving in and out to the Roth IRA. I checked the account directly.
The 8606 form (generated from Turbotax) shows
Line 1: $6K
Line 2: $6K (which should be 0)
Line 3: $12K
Line 14: $12K
And my CP2000 letter states underreported "Retirement Income Taxable" of $6K from Vanguard
So it seems that my 8606 is wrong (assuming I made an error while working through Turbotax), but then shouldn't I have overpaid if the 8606 is overstating my distribution?
Do I just respond to the CP2000 with an updated 8606 form?
‎October 17, 2024
11:56 AM