My IRA Information Worksheet Is Wrong How I can I correct it

[lcbsel99]

When I worked on my 2021 Federal return, I created a new return and did not pull my previous year's data over.  I completed the return and filed it.  I did not notice my IRA Information Worksheet was missing all of my previous year's data.  This included IRA Roth conversions which I had been entering since 2014 to present.    All it showed was the 2021 conversion and my traditional IRA balance for 12/31/21.  This year it caught my attention.  Plus, I file a joint return and my spouse's data was gone too.  Can I just enter my information into these fields?  Or is there any way I can correct it?  Any help or guidance would be appreciated.

Regards,

Lawrence

[DanaB27]

Yes, during the IRA contribution interview, TurboTax will ask if you want to track the Roth basis and then ask about any Roth Conversions before 2022.

1. Open your return
2. Click “Deductions &Credits” on the top
3. Click "I'll choose what to work on"
4. Scroll down to “Traditional and Roth IRA Contributions” and click “Start”
5. Select “Roth IRA”
6. Continue and say "Yes"  to "Let us track your Roth basis"
7. Continue and answer "Yes" to "Any Roth IRA conversions"
8. Select the years and continue to enter the information 

[lcbsel99]

Thank you very much for this.  I can see how to enter it.   I have a few additional questions.  If you feel opening a new entry is best let me know.  I have been reviewing this process and I can see I do not know how well I accurately documented my contributions.  I started contributing to an IRA in 1982.  I opened a Dreyfus account and had the account until 1996 when I rolled it over to a new custodian (Morgan Stenley).  I have a rollover statement from Dreyfus but all other records from Dreyfus have been destroyed.  I have most of my documents from Morgan Stanley. Then in 1998 I converted my Traditional IRA to a Roth.  I have that dollar amount.  Would that be my basis for my Roth IRA conversion?  Then I need to add back my additional contributions over the years.   Should I document any comment to the IRS on this (the amounts and not correct so I updated them)?  Also I got married 2013 and never entered my spouse's contributions, so I need to add those in for them too.    Does this seem like a good approach to document my Roth contributions?

[DanaB27]

Yes, this sounds like a good approach. No, you don't need to enter any comments for the IRS but it is a good idea to keep all these records separately as a backup.

Generally, you will only need this information if you plan to take distributions before 59 1/2 because you can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. Once you are over 59 1/2 and are able to take Qualified Distributions the contribution amount becomes less important since all distributions will be tax-free.