What happened to my traditional IRA basis

[Psyblade]

Not sure if this is the right spot to post this.  I just noticed that on the Turbo Tax IRA info worksheet, I and my wife had Tradtional IRA basis entries in 2014, 2015, and previously from contributions back before 2000.  That information was gone beginning on the worksheet for 2016 and continued to be gone in 2017 and 2018.  We have not made any deductions or contributions that would require a change or a form 8606, as I understand it since many years prior to 2014.  Where did the traditional IRA basis info go?  Basis info for my Roth IRA did not change and continues on the forms.  What does it mean that this information is no longer on the worksheet?  Did I mess up or am I getting screwed here?  Thanks.

[DoninGA]

I had the same problem.  The basis for my IRA was on both the IRA Information Worksheet and the Form 8606 for tax year 2012.  For tax year 2013 the basis was not transferred with the other tax data from the 2012 return.  Therefore none of the basis was carried forward to any other future tax years.

For tax year 2019 I needed to withdraw an RMD so had to enter the IRA basis as shown on the 2012 Form 8606 onto the 2019 IRA Information Worksheet in Part II Line 12.  This basis transfers to the Form 8606 Lne 2. This can only be done using the TurboTax desktop editions in Forms mode.  Then clicking on Open Form and entering ira information in the search box.

Fortunately I had not entered any IRA contributions either deductible on nondeductible nor make any withdrawals in the years after 2012 so may basis was easily entered.

[Psyblade]

DoninGA, thanks much.  So, we won't have any RMDs for a few more years.  Do I need to wait until then to try to reenter the data from 2015?  Or, can I try to update it now so it will carry forward and I don't have to just try and remember this issue for another five years and keep track of the data?  I really wish the Turbo Tax people would weigh in on this and explain what the deal is and why this important info isn't carrying over.  I would be surprised if we are the only two customers that this has happened to.

[DoninGA]

I would add the basis to the 2019 IRA Information Worksheet.  It should transfer to the 2020 TurboTax program for next filing season.   But you should check to make sure that it did transfer when you start your 2020 tax return next year.

[fanfare]

Keep a paper copy of your last Form 8606 with your important tax records.

IRS wants you to retain copies of all 8606 forms filed.

[Psyblade]

Geez.  In going back to look for my last 8606, it looks like that was in 1998 when I rolled over some funds to a Roth (and paid the taxes) and kept another portion in a traditional IRA.  I believe (but don't remember for sure) that there were two separate traditional IRA accounts at the time, one rolled over to a Roth and one kept as a traditional.  That said, it looks like I messed up the math on Part I that figured my basis in my traditional IRA.  The upshot is that the basis in Part I of the 1998 8606 is $4,953 and it should have been $12,180.  Should I just try and update the 2019 IRA worksheet with the incorrect number that is actually on the 1998 8606 form, or update the 2019 IRA worksheet with the correct math that should have been on the form??  I am inclined to do the second and hope there is not a problem in the future.  Or should I just keep the lower number that is consistent with the last 8606 form and figure that given the relatively small amounts, that it won't make much difference?  Thoughts?