Anyone else notice a bug in populating form 8606? I did a small Roth conversion this year and have a small after tax basis that I had been tracking. In Turbotax retirement income, the taxable amount was calculated correctly however I just noticed (after filing already) that my form 8606 part 1 is blank and the only thing that is populated is part 2 which indicates the entire amount is taxable. Do I now have to file an amended return to correct that?
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Assuming that you've been beginning each tax return by transferring in the previous year's TurboTax tax file, either your 2022 Form 8606 showed nothing on line 14 to be carried forward you you inadvertently told 2023 TurboTax that you did not make nondeductible traditional IRA contributions, something that is all too easy to do since TurboTax silently deletes your basis when that happens.
You'll need to amend any tax returns that showed an incorrect application of basis.
Assuming that you've been beginning each tax return by transferring in the previous year's TurboTax tax file, either your 2022 Form 8606 showed nothing on line 14 to be carried forward you you inadvertently told 2023 TurboTax that you did not make nondeductible traditional IRA contributions, something that is all too easy to do since TurboTax silently deletes your basis when that happens.
You'll need to amend any tax returns that showed an incorrect application of basis.
My 8606 from last year is correct. I think I could very easily have told TurboTax that I did not make any non-deductible contributions as I recall a question that I thought applied only to this year, not realizing that it applied to all years. I did not make that mistake previously. How disappointing that TurboTax will just delete the history without providing any red flag "are you sure you want to do this" as it does for other items that you purposely intend to delete. Thanks for this information. It now goes on my checklist of things to watch out for and I won't make the same mistake again...☹️
Turbo Tax sucks. I needed to report a conversion from an IRA to a ROTH IRA. I have been on the phone for hours with Turbo Tax. The people worked very hard but were unable to include the conversion. The only solution was to mail my taxes, but I will wait awhile before doing that.
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