2022 basis on Form 8606 not transferred to 2023

Forum|Forum|2 years ago
March 2, 2024
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My 2022 turbotax premier filing contains a 8606 form for my wife's IRA. It has a basis that i have been tracking for years and made some use of every year. This year while working on my 2023 tax, I realized that the basis was not considered when my desktop turbotax premier computed the income derived from the IRA distribution. I powered through the federal review (no error) and then looked at the actual 8606 form generated for 2023. It was obvious that the form took no account of prior year data. It simply filled out line 16 in part II and line 18 in part II with identical amount from my wife's IRA distribution. My copy of Premier appeared to import last year's data properly in all other respects. Please suggest how to fix.

Best answer by DanaB27

If your wife's basis didn't get carried over then you can enter it during the interview:

Click "Federal Taxes" on the top and select "Wages & Income"
Click "I'll choose what to work on"
Scroll down and click "Update" next to "IRA, 401(k), Pension Plan (1099-R)"
On the "Your 1099-R Entries" screen click "continue" after all Form 1099-R are entered
Continue until you get to the "Any nondeductible Contribution to your spouse's name IRA?" screen and answer "Yes"
Answer the questions about the basis from line 14 of your 2022 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

DanaB27Answer

If your wife's basis didn't get carried over then you can enter it during the interview:

Click "Federal Taxes" on the top and select "Wages & Income"
Click "I'll choose what to work on"
Scroll down and click "Update" next to "IRA, 401(k), Pension Plan (1099-R)"
On the "Your 1099-R Entries" screen click "continue" after all Form 1099-R are entered
Continue until you get to the "Any nondeductible Contribution to your spouse's name IRA?" screen and answer "Yes"
Answer the questions about the basis from line 14 of your 2022 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs