@lchan wrote:
@Opus 17
Wow! You have been so helpful with all of this!
Looking over 8606 Line 14 from previous forms, the values don't quite make sense.
In 2023 Line 14 was $3,600.
In 2022 Line 14 was $2,400.
In 2021 Line 14 was $12,000.
Again, I always file with Turbo Tax so it's interesting that something happened with the 2022 filing that the value wasn't carried over from 2021.
Thanks again @Opus 17 . I really appreciate your help and explanation!
Assuming you did not either make a withdrawal, or have a drop in income so that you were eligible for the deduction, then the numbers on form 8606 should always increase. It's hard to offer specific help without being able to see your returns. If the 2021 amount was $12,000, then the 2022 amount should be $12,000 plus your 2022 non-deductible contributions. If your 2022 non-deductible contributions were in fact $2,400, then somehow the 2021 number did not carry forward. (And if $3600 was your 2023 contribution, form 8606 should end up at $18,000.) You may need to file amended 2022 and 2023 returns to make sure the carry-forwards are reported.
Look at your 2022 form 8606. It's really a fairly simple math problem. Line 1 is current year non-contributions, and line 2 is the total of prior year non-deductible contributions. In other words, the 2022 form 8606 line 2 should be the same as the 2021 line 14.
