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cmancero
May 30, 2024
Question

form 8606 total basis question

  • May 30, 2024
  • 1 reply
  • 0 views

I opened a rollover IRA in 2019 and put money from work 401k into it and that year and since have contributed max IRA contribution. Bc I make too much it is considered a nondeductible IRA contribution. I used turbotax online and it generates a form 8606 but every year except 2020 ( i filed married filing separately I noticed it says my total basis is zero. I have contributed between 2019-2024 all nondeductible so shouldn't it be the sum of the contributions? I am so confused if i need to do addendum and get accountant now or await until I file taxes next year.              contribution.   total basis 

20247000   0
202365000
202260000
202160000
2020600012000
201960000

    1 reply

    fanfare
    fanfare
    Employee
    May 30, 2024

    each year you make a non-deductible contribution your basis grows by that amount. See Form 8606 Line 14.

    If your latest Form 8606 and/or prior forms 8606 have the wrong amount on Line 14, you have to amend your return(s) to correct that.

     

    You don't need an accountant unless you want to pay them to amend for you.

     

    @cmancero 

    fanfare
    fanfare
    Employee
    June 1, 2024

    Did you use TurboTax to file those years?

    You can't make a non-deductible contribution to an IRA and end up with a zero basis,

    unless you did a conversion/distribution of the total value of the IRA,.

    @cmancero 

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