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Level 2
posted Feb 20, 2025 11:22:44 PM

Excess Contributions, Total basis in traditional IRAs, and Basis Carryover

In 2021 I had excess contributions to my traditional IRA.

In 2022 I did not directly contribute to an IRA, but TurboTax let me apply the excess contributions from 2021 to my 2022 traditional IRA, which I did.

 

In the 2022 IRA Information Worksheet, the Traditional IRA total basis in (1) traditional IRAs is blank, and the (3) Basis Carryover as of 12/31/2022 has 6,000--the amount of the excess contribution from 2021.

 

For some reason, Part III Traditional IRA Basis Detail-Line 12 was blank. When I put in my full basis from line 3 of my 2021 IRA Information Worksheet, then 2022's same form populated correctly on line 1. But then line 3 was showing too much. It looks like it was double counting the excess contributions. What I did was on line 12 just enter in the carryover basis from 2021 without the excess contributions and now I think it has calculated correctly.

 

Is this a bug in the software?

 

On a related note, the step by step has not been asking me for the ending value of the IRAs. Do I need to report that?

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