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TT not carrying forward prior year basis in form 8606

I have a properly filled out form 8606 from 2023 in Turbotax.  Why is my form this year showing 0?  I would expect TT to pull forward the basis from TY23.  

 

It says if you made any nondeductible contributions in prior years look at your most recent Form 8606.  Find the box called total basis and enter the number from that box below.  

 

I'm perplexed why it isn't prepopulating the number that is in that box that I provided in last year's turbotax.

 

Very frustrating.   Does anyone have an explanation?  Thanks!

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4 Replies

TT not carrying forward prior year basis in form 8606

Further to the above when I go through the the step by step review for my spouse it doesn't even ask for their basis it just says my MAGI is over the limit for IRA deductions and then moves me out of the question altogether.  It doesn't even ask me to input last year's basis.  Which again seems like it should be carried forward from last year's return.  Instead it just populates a form 8606 with no basis.  What the heck is going on?

 

I checked the box for my own contribution that it was nondeductible.  Why is it not going through the same for my spouse?  

 

I'm very confused.  ???

@form 8606

dmertz
Level 15

TT not carrying forward prior year basis in form 8606

Do you have 2024 transactions that are required to be reported on Form 8606?  If not, TurboTax is properly omitting Form 8606 from your 2024 tax return.  Otherwise, the amount from line 14 of your 2023 Form 1099-R should be present on line 2 of your 2024 From 8606.

 

Check TurboTax's IRA Information Worksheet to see if your Basis for 2023 and earlier years agrees with the amount on line 14 of your 2023 Form 8606.

TT not carrying forward prior year basis in form 8606

Thank you for the response.  I still don't understand why TT is not carrying forward the amount from 2023 so that my basis is properly updated based on my  input for 2024.  It prompts me to input my contribution and but does not even allow much less prompt for my spouse to do the same.   That makes no sense.  Shouldn't there be a prompt to add the amount my spouse has contributed to their IRA in 2024 and then include that in an updated basis in their form 8606.  Or at the very least the worksheet you keep for your records?  In all past years, I have those forms included in my return by TT and nothing is significantly different for me this year but this year it is being ignored.  I know I need to keep track of the cost basis for IRAs and expect TT to help me do that properly.  If you don't know you need to do that TT is not doing it for you and you will lose track of your basis.  This seems like a flaw.  

dmertz
Level 15

TT not carrying forward prior year basis in form 8606

2024 TurboTax should be transferring into its IRA Information Worksheet in amounts from your 2023 IRA Information Worksheet.  However, it's possible to cause TurboTax to silently delete your basis information if you inadvertently answer No when asked if you had any nondeductible traditional IRA contributions.

 

TurboTax should present the basis questions in the Traditional and Roth IRA Contributions section under Deductions & Credits as long as the traditional IRA box is marked for the individual.

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