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jbrustin
New Member

TurboTax is asking only for years "prior to 2022" for Roth cost basis. IRS Form 8606 instructions says to input cost basis from years 1998 thru 2022 for cost basis.

   I had a huge loss in my Roth IRA that I took 100% distributions from in April 2022. In TurboTax, do I also include 2022 cost basis contributions because  TurboTax is asking only for years "prior to 2022".   
    On IRS Form 8606 instructions, it says to input cost basis from years 1998 thru 2022 when calculating cost basis.  
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2 Replies
dmertz
Level 15

TurboTax is asking only for years "prior to 2022" for Roth cost basis. IRS Form 8606 instructions says to input cost basis from years 1998 thru 2022 for cost basis.

Your Roth IRA contribution for 2022 is to be entered into 2022 TurboTax separately under Deduction & Credits -> Retirement and Investments -> Traditional and Roth IRA contributions.  TurboTax will sum the the two  separate entries to determine the cost basis to include on Form 8606 line 22.

 

(If you made a contribution for 2021 in early 2022, that is part of your cost basis from years prior to 2022.)

jbrustin
New Member

TurboTax is asking only for years "prior to 2022" for Roth cost basis. IRS Form 8606 instructions says to input cost basis from years 1998 thru 2022 for cost basis.

OK, thank you for the response. I kind of figured that as well... That the 2 entries would be added up in the end on Form 8606...👍

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