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How do I correct bad historical IRA information in this years return?

Due to significant buffoonery, my previous tax returns completely misrepresented my IRA basis and Roth Conversion history (I retired in 2022 and took distributions for the first time and only now realized that my TT history has errors going back several years).  I spent the last 2 weeks scouring through my records to reconstruct what the data should read.

 

For example, my wife's  Roth conversions history shows 0 for one year when it was in fact over $5K.  The Roth Contribution basis is completely wrong for both of us, and our Traditional IRA Total Basis numbers are off significantly as well.

 

When I import last years tax return into TT Deluxe, is it possible to correct these mistakes within TT so this year's inputs are correct?  If so, how (I found the fields but they appear locked and won't let me change them).

 

(Note that none of these numbers affected my taxes in those years, but given that I'm starting to take distributions from my IRAs I want to make sure they are correct going forward)

 

Thanks!

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2 Replies

How do I correct bad historical IRA information in this years return?

If you did not have any activity, conversion distribution or non-deductible contribution,

you'll have to hold the information in your own records for future use.

OR

are you using the desktop program :?

 

@roscoedillon 

How do I correct bad historical IRA information in this years return?

If your Form 8606 is wrong, you can file an amendment with the corrected Form 8606.

This may or may not change your income tax.

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