I finally have all my info inputted into TurboTax Online and am ready to file.
However, there seems to be a bug in the software - It captured my husband's total cost basis for Line 2 on form 8606 (married filing jointly), but the software did not compute MY cost basis even though I'm carrying over a basis from 2023 and made an additional contribution for 2024.
The calculation of my cost basis has no effect on my tax owed but I want the form to be correct. What should I do? Should I file electronically, then mail an amended form 8606 with the correct total cost basis?
Thank you
If you both have basis in IRAs, you have two Forms 8606 to manage.
Did you make a non-deductible contribution, ?
a regular contribution that is deducted is not reported on Form 8606.
yes, we both made nondeductible contributions for 2024. both of us have previous cost basis, but TT only asked my husband's cost basis, and skip the cost basis question for me.