Form 8606 Line 14 is showing a basis, but IRA Worksheet is not?

Forum|Forum|1 year ago
February 2, 2025
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On Form 8606 Line 14, it shows that my total basis in traditional IRAs for 2024 and previous years is $200. That's what I expected. Then, I checked the IRA Information Worksheet TurboTax also generates, and it shows in Part 1 for Traditional IRA on line 3 that "Basis carryover as of 12/31/2024" is $0. Isn't that wrong? I would think this value should be $200 to match line 14 from Form 8606, not $0.

dmertz

Employee

TurboTax has a bug that I reported many years ago where TurboTax loses your basis in nondeductible traditional IRA contributions on the IRA Information Worksheet if you make a Qualified Charitable Distribution or and HSA Funding Distribution and you do not enter the year-end value in traditional IRAs. If TurboTax does not ask for the year-end value, temporarily indicate that the distribution is not a QCD or HFD, allow TurboTax to ask for the year-end value and enter the value, then go back and indicate that the distribution is a QCD or HFD.