Total IRA basis and Value of traditional IRA

[GJAK2024]

Hi, 

We are filing jointly and have IRA conversions done in 2023 for one person. $6000 after tax non-deductible contribution to an IRA account for FY 2022 on 01/24/2023. $6500 non deductible IRA contribution to the same IRA account for FY 2023 on the same day 01/24/2023.

total of $12500.77 backdoor conversion to Roth IRA on 0/27/2023. Got a 1099R for this and have uploaded it to the Turbotax desktop version. 

Getting stuck on the Non-Deductible contribution screen for form 8606. Selecting "Yes, made and tracked non deductible Contribution" takes to the IRA basis in traditional IRAs for all years through 2022. Not sure what will go here as total basis as no contribution was made for FY 2022 in 2022. Can you help with the basis? before this I had made a one time $6000 contribution to traditional IRA for FY 2021. 

Also what number will go under "What's value of the traditional IRA on December 31, 2023"? only traditional IRA left after these conversions was the one for 2021 that was not converted. FMV of that is $6163.

For context I did not use turbotax for filing my 2022 returns. I had sent a separate form  8606 to the IRS that came back as not required. May be because of the contribution being made in 2023. 

[DanaB27]

You should have the 2022 Form 8606 with the basis on line 14 this will needs to be entered when TurboTax asks "Yes, made and tracked non deductible Contribution". 

It seems that the contribution for 2021 was deductible? Therefore, you have pre-tax and after-tax funds mixed and the pro-rata rule applies. This means that with each distribution/ conversion you will have a taxable and nontaxable part.

Assuming your prior contribution for 2021 wasn't nondeductible and you didn't convert anything in 2022, you basis on line 14 should be $6,000. Since you made the nondeductible contribution for 2022, you should have entered the $6,000 basis on line 1 of the 2022 Form 8606 and this will carry over to line 14.

For the question "What's value of the traditional IRA on December 31, 2023"?  you will look at your statement and enter the value on December 31, 2023.