Summary of IRA and Roth Transactions (2024–2026)
1. 2024 Tax Year Activity
In the 2024 tax year, I made non-deductible contributions to a Traditional IRA as part of a Backdoor Roth strategy.
• The basis was reported on Form 8606 in the 2024 tax return.
• The line #14 in 2024 tax year’s 8606 = 7001.
The IRA Information Worksheet Line 7 showed:
Person 2024 Basis
Taxpayer 12,000
Spouse 12,000
These amounts represent cumulative nondeductible IRA basis carried forward into the next tax year.
2. 2025 Tax Year Activity
Received Form 1099-R issued in 2026 for the 2025 tax return that is for the backdoor completed in 2024, and reported in 2024 via 8606.
Also, a direct Roth IRA contribution of $7,000 each was made for:
Person Contribution
Taxpayer $7,000
Spouse $7,000
These contributions appear correctly in the Roth IRA Contributions Worksheet with:
• Total Roth contributions: $7,000 each
The IRA Information Worksheet Line 6 in the 2025 return shows:
+7000 from what was there in 2024. This is correct.
The IRA Information Worksheet Line 7 in the 2025 return shows:
Person 2025 Basis
Taxpayer +14,000 over what was in 2024
Spouse +14,000 over what was in 2024
This is not correct. The ROTH IRA conversion basis should be +7000 over what is in 2024 instead of +14000.
What could be making this inflated.
