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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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
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.
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