Traditional IRA basis carryover did not transfer to 2022 worksheets

Forum|Forum|2 years ago
January 27, 2024
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In the IRA worksheet I have amounts in Part I traditional IRA for 2021. This information is missing for 2022. It did not get carried over - perhaps because form 8606 was not generated (according to another thread). Now I am working on my 2023 taxes. Can I simply use the amount on line 3 'Basis carryover as of 12/31/2021' for my basis this year?

The information sheet also has information in lines 6 to 11 Roth IRA. Is that relevant? I do not see have you can have a basis in a Roth IRA since that is always after-tax dollars.

Thanks,

TurboTax Home & Biz Windows

Best answer by DianeW777

Yes, you can use the amounts from 2021. Some times a Form 8606 is not required, however it is recommend to use the last filed Form 8606 line 14 for the basis in the traditional IRA.

And of course you should keep track of the Roth basis if they plan to make withdrawals before 59 1/2 (contributions can be withdrawn tax-free).

DianeW777Answer

Yes, you can use the amounts from 2021. Some times a Form 8606 is not required, however it is recommend to use the last filed Form 8606 line 14 for the basis in the traditional IRA.

And of course you should keep track of the Roth basis if they plan to make withdrawals before 59 1/2 (contributions can be withdrawn tax-free).

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