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Level 2
posted Apr 11, 2024 11:44:11 PM

Form 8606 Carryover shows 0 basis despite last year's Line 14 has non-zero basis

A year after I received help to file my initial Form 8606 (here is the previous thread), I'm confused by the carryover behavior of TurboTax.

 

I did Backdoor Roth Conversion each year, for TY2022, TurboTax calculated a basis of 19 on line 14. Then I imported it into TurboTax 2023, but when I reached the "Let's Find Your IRA Basis" step, it transferred 0 as the "Total Basis as of December 31, 2022".

 

After reading the IRS instructions of Form 8606, I still think the basis transferred should be equal to the line 14 of the previous year's Form 8606. What did I miss? Or should I just correct it at the "Let's Find Your IRA Basis" and provide an explanation?

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1 Best answer
Expert Alumni
Apr 13, 2024 6:19:26 AM

Yes, you will enter your basis from line 14 of your 2022 Form 8606. If TurboTax ask for an explanation just enter " Entering basis from line 14 of my filed 2022 Form 8606".

1 Replies
Expert Alumni
Apr 13, 2024 6:19:26 AM

Yes, you will enter your basis from line 14 of your 2022 Form 8606. If TurboTax ask for an explanation just enter " Entering basis from line 14 of my filed 2022 Form 8606".